Milbank LLP announced on May 14 that it advised Blackstone Credit & Insurance in an agreement with Dubai Aerospace Enterprise to launch a new global investment program called “Equator.” The program will focus on investing in aircraft leased to commercial airlines, with a target of deploying approximately $1.6 billion each year.
The Equator initiative aims to create a diversified portfolio of commercial aircraft leases with leading airlines worldwide. Dubai Aerospace Enterprise will be responsible for sourcing the assets from third parties, while its Aircraft Investor Services group will manage the assets owned by Equator.
Blackstone Credit & Insurance plans to provide a full range of capital solutions for the program, which is intended to offer flexible and dependable financing options across various market conditions and opportunities. The investor group for BXCI will also include capital from funds managed by ITE Management, L.P., described as a strategic partner of BXCI.
The legal team from Milbank advising on this transaction included chairpersons and partners from several practice groups within the firm, along with associates specializing in corporate mergers and acquisitions as well as transportation and space law.
This partnership marks another step in the expansion of aviation leasing investment programs involving major financial institutions and global asset managers.
