KKR Expands Aircraft Lending, Buying $800 Million CIT Portfolio
- Deal is part of the launch of new commercial aviation platform
- Loan book includes over 50 loans for 60 commercial aircrafts
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KKR & Co. has acquired an almost $800 million loan portfolio from CIT Group Inc. as it seeks to expand its footprint in the aviation sector.
The deal is part of the global investment firm’s launch of a new commercial aviation lending platform, AV AirFinance Limited, which will provide secured financing to airlines, lessors, manufacturers and investors. The purchase includes more than fifty loans for about sixty commercial aircrafts, according to a company statement. The loans, on average, yield in the mid-single digits and have about four years remaining before maturing.