Ares Management has returned to the market with a narrowbody-dominated offering after recalibrating sales efforts for its leasing entity, Vmo Aircraft, last year.
Airbus and Boeing narrowbody units account for the bulk of the 49-unit portfolio or 60% by full-life current market value, according to Airfinance Global's fleet research.
The offering is also primarily new technology (55%) and includes three widebodies: two Boeing 787s and an Airbus A350.
The portfolio has the greatest exposure to airline operators in South America (46% based on full-life CMV). LATAM tops the South American exposure at 42%; Avianca and Viva account for 4% each.
According to Airfinance Global's research, the full-service integrated platform is valued at more than $2.5 billion based on contractually adjusted current market values, with "upside from industry tailwinds expected to drive value at or above base value."
The platform also has a committed warehouse facility of $1.5 billion.
The portfolio's weighted average age is 6.1 years, with 60% of the leases expiring after 2029.
In a separate move, Felix Bernshteyn, a partner with Ares since 2017, has moved over to Vmo Aircraft to help run the leasing entity.
In November 2023, Airfinance Global revealed that Morgan Stanley was leading a process to explore strategic opportunities for Vmo Aircraft Leasing, including a sale.
The process resulted in six lessors extending bids over two rounds. However, the sale was halted in March 2024 after DAE Capital walked away from a purchase.
Airfinance Global understands the parties could not agree on an adjustment related to the closing price and certain mirror-in-mirror-out maintenance conditions.
It is understood that Vmo Aircraft continued to offer smaller batches of aircraft for sale throughout 2024 before returning to the market with its latest and much larger portfolio, which it is offering directly to the market -- without the lead of Morgan Stanley this time.
Ares declined to comment on the portfolio offer when contacted by Airfinance Global.
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