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GE: to create aviation leasing platform with Pimco

( - GECAS, the aircraft leasing subsidiary of GE, has signed a preliminary agreement with the investment firm Pimco, a division of German insurer Allianz, to develop a three-billion-dollar aviation leasing platform, the companies announced on Monday.

As the industry struggles with the effects of the COVID-19 pandemic, the platform will inject liquidity by providing financing at a time when there are few traditional options for airlines, they said.

The portfolio will initially focus on narrowbody aircraft, before seeking opportunities in the widebody market.

Pimco - one of the world's largest investors in aviation-backed debt - said it will provide its flexibility to provide funding, while GECAS will source transactions and provide asset management services for the platform.

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