September 1 2020  |  Partnerships, Collaborations & Acquisitions

Magnetic Leasing inks GlobalX agreement for A321

By Jane Hobson

International aviation asset management company Magnetic Leasing announced today that it has signed a letter of intent with Global Crossing Airlines, also known as GlobalX, for one A321 aircraft lease. The aircraft is expected to be delivered in December 2020.

Built in 2005, the aircraft was previously operated by a major government-owned Asian airline until it was acquired by Magnetic Leasing at the beginning of 2020. Prior to delivery, the aircraft will undergo a C-Check which is scheduled to be performed by Magnetic MRO at the company’s hangars in Tallinn, Estonia. In addition, the aircraft will be painted in GlobalX livery, also at Magnetic MRO.

This aircraft was specifically selected by GlobalX to initiate its services to Cuba, subject to governmental approvals. In addition, GlobalX continues the development of its A320 fleet plan and expects to announce the closing of additional aircraft under purchase contracts in the next 15 days.

“We are delighted to have signed with GlobalX. They have an impressive management team which has developed a business plan to challenge the status quo and create excitement at a time when the industry is depressed," said Alex Vella, Chief Operations Officer at Magnetic Leasing in the September 1 press release. "We are honored to provide the first leased aircraft to GlobalX to help launch their international operations and look forward to developing and expanding our partnership for many years to come."

“We are grateful to Magnetic Leasing for their support of our vision and business plan," added Ed Wegel, Chairman and Founder of GlobalX. "This A321 complements our plans for our initial charter operations. Magnetic is a dynamic and entrepreneurial company very much like GlobalX intends to be, and we look forward to working with them on this delivery and additional aircraft."

Currently, Magnetic Leasing manages an asset portfolio which includes A320 family and 737 Next Generation aircraft, as well as CFM56-5B, CFM56-7B, V2500-A5 engines and multiple A320 family and 737 New Generation and Classic landing gear sets.

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