Corporate News – 05 Juni 2018

Aves concludes one of the Container segment’s biggest purchases with a volume of USD 59 million

  • Acquisition of 20,400 as-new containers
  • All containers have long-term leases
  • Purchase has positive effect on 2018 result
  • Financing structure optimisation reduces exchange rate effects

Aves One AG (Aves) has acquired a portfolio of as-new containers for USD 59.0 million. The purchase contract provides for the containers to be taken over in several tranches up to the end of June 2018. The portfolio comprises 20,400 containers, corresponding to 29,400 TEU (Twenty Foot Equivalent Units). ABN AMRO Lease is assisting the financing of this transaction.

The vendor of the assets is the UES International leasing company, which will also manage the portfolio for Aves in future. All the containers are on long-term leases to reputable shipping companies such as MSC or CMA CMG, the average term of lease being around 6 years. Based on contractually fixed rental charges the entire newly-acquired portfolio will make a middle seven-digit contribution to EBITDA. After concluding the purchase contract, Aves will have at its disposal a container portfolio of around 200,000 TEU.

In addition to a further improvement in capacity utilisation, the transaction will also reduce the entire container fleet’s average age. At the same time, taking up the loan in USD further optimises the company’s financing structure and thus currency conversion effects.

Explaining the move, Aves One AG’s Management Board member Jürgen Bauer says “Now that Aves has completed the turnaround in the first quarter of 2018, as recently reported, the further portfolio enlargement will make an additional sustainable positive contribution to the Aves Group’s consolidated income. The conclusion of this deal shows that we are consistently maintaining the announced growth course, and are also seizing opportunities in the Container segment as well as in Rail and Real Estate.”