fastjet, Africa’s low-cost airline, took delivery of its first owned aircraft on 25 September 2015.
The intent to purchase this aircraft, the sixth aircraft in the fastjet fleet, was announced on 26 August 2015 and the agreement was signed on 23 September 2015. The aircraft, an Airbus A319 (Manufacturer’s Serial number 2891), was purchased from an entity managed by BBAM US LP (BBAM), a leader in commercial aircraft leasing, financing and management, headquartered in San Francisco, CA. The market value of the aircraft is approximately USD15.5m The aircraft was purchased at a discount to the market value with the consideration being satisfied in cash.
Ed Winter fastjet CEO commented, “This is an exciting moment for fastjet with this aircraft not only being the first that we have purchased but also that it marks a doubling in the size of our fleet over the past few months. I am particularly pleased that we have purchased this aircraft from BBAM who showed confidence in the Company by leasing the first aircraft to fastjet in 2012. This aircraft has been earmarked to be the first in the fastjet Zambia fleet and following reconfiguration and painting is expected to be flown to Lusaka, Zambia in early November.”
The Company stated an intention to create a mixed fleet of leased and purchased aircraft at the time of the fundraising in April 2015. fastjet was advised by SkyWorks Leasing in the purchase of this aircraft.