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Overview

BOC Aviation leases four Airbus A321neo and two Airbus A320neo to Condor Flugdienst GmbH

Commitment Year•2023Country of Activity•GermanyDirect Recipient Country of Incorporation•GermanyOverseas Jurisdiction•SingaporeSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 29, 2023
Start (planned)
Jan 1, 2027
End (planned)
Dec 31, 2028

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned companies

  • BOC Aviation Limited

Receiving agencies

Private Sector

  • Condor Flugdienst GmbH

Loan description

BOC Aviation leases four Airbus A321neo and two Airbus A320neo to Condor Flugdienst GmbH

Interest type•Unknown

Narrative

Full Description

Project narrative

In late December 2023, BOC Aviation Limited — a Chinese state-owned leasing company — entered into a lease agreement with Condor Flugdienst GmbH — a German leisure airline owned by Attestor Capital LLP (51% equity stake) and special purpose vehicle SG Luftfahrtgesellschaft of Team Treuhand GmbH, holding the stake on behalf of the Federal Government of Germany and the Government of the State of Hess (49% equity stake) — for four new Airbus A321neo and two new Airbus A320neo aircraft. In late December 2023, BOC Aviation entered into an agreement to purchase the aircraft from Airbus S.A.S. for leasing to Condor. The aircraft would be on long-term leases and be delivered in 2027 and 2028.

Staff comments

1. A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset. The lessor is the legal owner of the asset, while the lessee obtains the right to use the asset in return for regular rental payments. Under a capital lease (a financial arrangement where the lessee/borrower uses an asset and pays regular installments plus interest to the lender/lessor), rental payments are usually classified as interest and obligation payments, similarly to a mortgage (with the interest calculated each rental period on the outstanding obligation balance). AidData codes capital leases as loans.