AeroCentury completed the purchase of two Bombardier CRJ 900 aircraft already on lease with Sloveian airline Adria Airways, a current customer.  The transaction was valued at approximately $37 million.

“This is the second purchase transaction that we have completed in the last two months and demonstrates our commitment to modernizing our aircraft portfolio,” said Michael Magnusson, CEO of AeroCentury. “While this transaction was negotiated before I joined the AeroCentury management team, it is consistent with my vision for expanding the lease portfolio and building our earnings capacity. We have the liquidity to continue implementing our modernization strategy and are actively pursuing additional transactions that make sound economic sense.”

Magnusson joined AeroCentury, an independent aircraft leasing company, as its new CEO on September 6, 2016, bringing more than 30 years of experience in the global aviation and leasing industry.