Irish lessor Avolon more than doubled its owned and managed fleet to 565 aircraft in the first-quarter of 2017 compared to the year-ago quarter, the company reported April 18.

Avolon acquired CIT Aviation, the aircraft leasing business of New York-based CIT Group, during the quarter, a $10.4 billion transaction. The purchase made Avolon the world’s third largest aircraft lessor, with a complete owned, managed and committed fleet of 850 aircraft as of March 31.

Avolon and CIT Aviation collectively completed 21 lease transactions during the quarter, a combination of new aircraft leases, secondary leases and lease extensions.  Combined, the companies made 17 deliveries during the quarter and booked 20 sales.

As of the end of Q1 2017, Avolon’s total number of airline customers more than doubled year-over-year to 150, compared to 67 customers at the end of Q1 2016.

Avolon said the average remaining lease term for its owned fleet was 6.7 years as of March 31. The average age for the fleet was a reported 4.9 years.

Mark Nensel