Sales broker Bloomer de Vere has taken on the entire portfolio of GATX Leasing, which the company recently decided to liquidate. GATX, previously one of the largest leasing companies in the US, was involved in a joint venture with Gulfstream to provide two to five year operating leases for clients. The company ordered around 12 aircraft, which included a mixture of GIV-SPs, GVs and the GV-SP (now the G550).

James Healey, a principle of Bloomer de Vere Europe, explained: “The agreement initially worked quite well. GATX took delivery of the first few aircraft, but then soon after the market started to erode. The decision was made around 18 months ago to dissolve the joint venture and the company recently placed the whole portfolio with Bloomer de Vere.”

The Monaco-based company is now in a position to offer what it believes is the last new GV. “We’ve taken delivery of a brand new GV, which has not been put into operation yet. This aircraft is particularly attractive because it’s still eligible for the full investment tax credit, which was put in place post-September 11 to help the aviation industry. Ideally we’d like to close the sale within the next 90 days and the GV could be delivered to the buyer in a matter of two weeks,” said Healey.

The aircraft is currently waiting for a new owner at its completion centre at Long Beach, California. Healey said: “As far as we’re concerned, it’s the aircraft of the moment and we’re concentrating on moving it as quickly as possible. It’s been a buyer’s market for the last 18 months and remains as such, which means the prices are depressed. But I think we’re now at the bottom of the market and things can only improve.”

Bloomer de Vere will take delivery of the G550 sometime next year. Healey added: “We’ve brokered people’s aircraft prior to delivery in the past, but I must admit it’s a little unusual for a company to liquidate a whole portfolio of aircraft in one go.”