United States-based Crestone Air Partners has completed the purchase of Condor’s last 11 Boeing 757-300 aircraft.
Crestone Air Partners announced the agreement on March 26, 2024, which it said represents a “significant growth milestone” for the company.
The Boeing 757-300 has been in service for the German leisure carrier since 2004 but the ageing fleet no longer fits in its future plans as it renews its aircraft.
All 11 aircraft were acquired subject to existing lease agreements with Condor.
“We are thrilled to welcome these Boeing 757-300 aircraft into our portfolio. This acquisition enhances our current portfolio and signifies the commencement of a promising partnership with Condor,” said Steve Williamson, Principal, Head of Trading at Crestone Air Partners.
Condor’s existing Airbus A320/1 and Boeing 757 aircraft will be phased out and replaced with 41 factory-new A320neo-family aircraft, consisting of 13 A320neo and 28 A321neo units.
Condor currently operates a fleet of over 50 aircraft consisting of A320-200, A321-200, A320neo, A321neo, 757-300 and A330neo aircraft.
The transaction for the 11 757-300s was funded with equity from Crestone and Atalaya Capital Management, an existing joint venture partner since 2021.
“We are pleased to continue to expand our relationship with Crestone. This transaction evidences creativity, collaboration and our flexible investment mandate within commercial aviation,” commented Daniel Rosato, Managing Director, Atalaya Capital Management.