Kuwait-based Aviation Lease and Finance (ALAFCO) completed the acquisition of a nine-aircraft portfolio from GE Capital Aviation Services (GECAS). ALAFCO said the portfolio is comprised of Airbus and Boeing aircraft already on long-term lease to airlines in Asia, with three of the airlines joining ALAFCO as new customers.

ALAFCO added that it’s keen on serving the needs of its new customers Lion Air, Juneyao Airlines and Citilink, as well as expanding its existing relationship with Nok Air. Lion Air is Indonesia’s largest privately run airline and one of the largest low-cost carriers in the Southeast Asia region, while Juneyao Airlines is part of a privately owned Chinese group. Thai Airways International-Thailand’s flag carrier owns the largest stake in Nok Air, while Citilink is the low-cost subsidiary of the national carrier of Indonesia (Garuda Indonesia).

ALAFCO noted the acquisition is in line with its growth strategy, which includes the acquisition of aircraft with lease attached from other lessors, as well as sale and lease-back transactions with airlines.

Additionally, ALAFCO has contracted with Boeing and Airbus to acquire 117 new technology aircraft to be delivered between 2017 and 2021. ALAFCO aims to have a fleet of more than 100 aircraft by the end of the decade.

ALAFCO currently has a portfolio consisting of 62 Airbus and Boeing aircraft comprised of A320, B737 and B777 aircraft which are leased to 19 airlines in 13 countries across the world.