BAE Wins Sale and Leaseback Mandate for Condor Flugdienst 757 Fleet

(January 20, 2010) -- BAE Systems announces that it has secured an agreement from Condor Flugdienst GmbH of Germany to provide exclusive remarketing services for the sale and leaseback of its fleet of 13 Boeing 757-300 airliners.

All the aircraft will remain in operation with Condor, which has mandated BAE Systems specifically to remarket the fleet to financial institutions and leasing companies for sale and lease-back to the airline.

Hamish Davidson, Executive Vice President Business Development for BAE Systems Asset Management business said today: "This is a major mandate from Condor Flugdienst, one of the world's most respected leisure and charter airlines. It will allow us to exploit our extensive understanding and knowledge of the aviation finance and leasing industries for the benefit of our client."

Condor is a major German airline and is part of Thomas Cook plc - one of the world's leading leisure travel groups with sales of pound9.3 billion, 22.3 million customers, 31,000 employees, a fleet of 93 aircraft, a network of over 3,400 owned and franchised travel stores and interests in 86 hotels and resort properties.

Source : BAE Systems PLC (LSE: BAES.L) - click here for more information