AWAS (company)
Encyclopedia
Airliner
An airliner is a large fixed-wing aircraft for transporting passengers and cargo. Such aircraft are operated by airlines. Although the definition of an airliner can vary from country to country, an airliner is typically defined as an aircraft intended for carrying multiple passengers in commercial...
aircraft leasing
Aircraft finance
Aircraft finance refers to financing for the purchase and operation of aircraft. Complex aircraft finance shares many characteristics with maritime finance, and to a lesser extent with project finance....
companies. Its head office is in Dublin, Ireland
Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
, and it has offices in Miami, New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, and Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
.
History
It was Ansett AustraliaAnsett Australia
Ansett Australia, Ansett, Ansett Airlines of Australia, or ANSETT-ANA as it was commonly known in earlier years, was a major Australian airline group, based in Melbourne. The airlines flew domestically within Australia and to destinations in Asia during its operation in 1996...
's subsidiary and leasing arm from 1985 until February 2000.
It was sold to an affiliate of Morgan Stanley Dean Witter
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
in 2000 for close to USD
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
$600 million. At the time of sale, AWAS had a leasing portfolio of 105 aircraft valued at USD
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
$4 billion, with 47 airlines. The Ansett name was retained as it was instantly recognisable in the global aviation industry. Under Morgan Stanley ownership the company was renamed simply Ansett Worldwide, the Aviation Services being omitted. The Ansett Worldwide fleet was combined with the Morgan Stanley Aircraft Leasing fleet, resulting in a combined fleet size of 180 aircraft by 2003.
In 2004 Ansett Worldwide was rebranded as AWAS. A company media release issued to coincide with the rebranding stated that the company had outlived its association with a failed airline, hence the dropping of the Ansett name. In the industry it was known that some customers had shown a reluctance to deal with Ansett Worldwide, perceiving that the aircraft available were ex-Ansett Airlines aircraft that had been sitting idle since the airline had ceased operations, despite assurances from the lessor that this was not true.
The wetleasing arm was rebranded Australian Worldwide Aviation Services and sold to QANTAS who were at the time leasing two B767 aircraft based in Sydney Australia.
Morgan Stanley sold AWAS in 2006 to the UK hedge fund
Hedge fund
A hedge fund is a private pool of capital actively managed by an investment adviser. Hedge funds are only open for investment to a limited number of accredited or qualified investors who meet criteria set by regulators. These investors can be institutions, such as pension funds, university...
Terra Firma
Terra Firma Capital Partners
Terra Firma Capital Partners Ltd is a leading U.K.-based private equity firm, best known for its failed investment in British music company EMI. Financier Guy Hands founded the firm in 2002 through the spin-off of Nomura Principal Finance Group...
with management and operations relocated to Dublin. The AWAS name has to date been retained.
In 2007 AWAS acquired and integrated the Pegasus Aviation Finance Company
Pegasus Aviation Finance Company
Pegasus Aviation, Inc. or the Pegasus Aviation Finance Company was a US based aircraft lessor formed in 1988. It is one of the world's largest commercial aircraft lessors, with a fleet of over 200 aircraft...
into its company.
Corporate affairs
Pegasus has its head office in Block B of Riverside IV along Sir John Rogerson's Quay in Dublin, Republic of IrelandRepublic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
. Its Miami office is in One Brickell Square in Downtown Miami
Downtown Miami
Downtown Miami is an urban residential neighborhood, and the central business district of Miami, Miami-Dade County, and South Florida in the United States...
. Its New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
office is in Suite 203 of 620 Fifth Avenue in Rockefeller Center
Rockefeller Center
Rockefeller Center is a complex of 19 commercial buildings covering between 48th and 51st streets in New York City, United States. Built by the Rockefeller family, it is located in the center of Midtown Manhattan, spanning the area between Fifth Avenue and Sixth Avenue. It was declared a National...
, Midtown Manhattan
Midtown Manhattan
Midtown Manhattan, or simply Midtown, is an area of Manhattan, New York City home to world-famous commercial zones such as Rockefeller Center, Broadway, and Times Square...
. The company has an office in Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
.
Previously its Dublin location was in the City West Business Campus. It also had a London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
office in the City of Westminster
City of Westminster
The City of Westminster is a London borough occupying much of the central area of London, England, including most of the West End. It is located to the west of and adjoining the ancient City of London, directly to the east of the Royal Borough of Kensington and Chelsea, and its southern boundary...
. At a later point the Dublin office was located in Regus House at Harcout Centre. By 2007 the company opened its new Dublin headquarters, Alexandra House, The Sweepstakes, Ballsbridge
Ballsbridge
Ballsbridge is a suburb of Dublin, Ireland, named for the bridge spanning the River Dodder on the south side of the city. The sign on the bridge still proclaims it as "Ball's Bridge" in recognition of the fact that the original bridge in this location was built and owned by a Mr...
. At that time it consolidated its London office into its Dublin headquarters.
The company previously had an office in Bellevue, Washington
Bellevue, Washington
Bellevue is a city in the Eastside region of King County, Washington, United States, across Lake Washington from Seattle. Long known as a suburb or satellite city of Seattle, it is now categorized as an edge city or a boomburb. The population was 122,363 at the 2010 census.Downtown Bellevue is...
, in Greater Seattle. In 2006 the office had 30 employees in the office. By 2007 it merged into the Miami office.