Lesha Bank acquires 33-aircraft portfolio from Avolon
Qatar's Lesha Bank is buying a portfolio of 33 commercial aircraft from lessor Avolon, a deal that will expand its managed fleet beyond 75 aircraft.
Lesha Bank is acquiring a portfolio of 33 commercial aircraft from Avolon for a stated value of $1.609 billion. The Qatari Islamic bank signed the agreement with LAC Leasing Ireland 1, a newly established entity, with delivery of all aircraft expected by March 31, 2027. The transaction marks a significant milestone in the partnership between the two firms.
Mohammed Ismail Al Emadi, Group CEO of Lesha Bank, is consolidating the bank's bet on Sharia-compliant aviation leasing. This follows the reactivation of its aviation business in late 2024, which it had previously run under the brand Qatar First Bank. Andy Cronin, CEO of Avolon, described the deal as a partnership. The aircraft are currently on lease to 25 airlines in different markets worldwide.
Aircraft composition and leasing details
The portfolio of 33 leased aircraft includes a mix of narrowbody, widebody, and regional jets. The aircraft are leased to 25 airlines globally, providing geographic and counterparty diversification. Delivery of all assets is scheduled for completion by the end of March 2027.
| Aircraft Type | Quantity | Models Included |
|---|---|---|
| Narrowbody | 22 | Eight A320s, three A321s, eight Boeing 737-800s, 737 MAX 8s, and one A320neo series |
| Widebody | 9 | Five A330s, one A330neo, and three A350s |
| Regional Jet | 2 | ERJ190 aircraft |
Strategic context and market trends
The acquisition shows the depth of institutional capital seeking exposure to leased aircraft and continued strong demand for high-quality aviation assets. For Avolon, one of the world's largest lessors, aircraft trading is a central part of its strategy to actively manage its portfolio, realize value, and recycle capital for new orders.
The deal aligns with a broader trend of Middle Eastern capital becoming a structural buyer of entire aircraft portfolios. Entities like Lesha Bank, DAE Capital, and AviLease, often backed by sovereign wealth funds, are increasingly active. This comes amid market supply constraints due to airframe manufacturer delivery delays, which support firm resale values. The portfolio gives the Dublin-Qatari leasing platform critical mass and diversified risk.
Lesha Bank has been building scale, having previously acquired five Boeing 777-300ERs in December 2024 and four Airbus A350-1000s in April 2025. It also participated in an 18-aircraft portfolio valued around $1.04 billion in September 2026. Its failed bid for Macquarie AirFinance, which went to DAE Capital, demonstrated both the appetite and limits of Gulf capital competition for such assets.
Impact and outlook
Upon completion, the newly acquired assets will be managed by Lesha Aviation Services. The transaction will expand the Qatari group's managed fleet to more than 75 aircraft. For Avolon's parent, Bohai Leasing, the sale helps optimize its aircraft asset structure, maintain a youthful leased fleet, and is expected to have a positive impact on current and future annual profits.
Mohammed Ismail Al Emadi said the acquisition reflects the disciplined approach taken to building scale in aviation leasing. The portfolio is expected to deliver stable, diversified returns for years to come. Upon delivery of each aircraft, payment will be transferred to a designated bank account of an Avolon subsidiary or entity with economic interests.
