Grünwald near Munich, 15.01.2026 – KGAL has completed two transactions for the APF 5 aircraft portfolio through its subsidiary GOAL, the long-standing joint venture between KGAL and Deutsche Lufthansa AG. On the one hand, it invested in a leasing deal for a newly delivered Boeing 737 MAX 8 aircraft. On the other hand, the first portfolio sale of an Airbus A350-900 was a good deal for the fund as planned.
The 737 MAX 8 is Boeing’s most modern and efficient aircraft for short- and medium-haul routes and has a wide distribution in the market with 6,300 orders. The aircraft type is about 14 percent more fuel-efficient than the 737 Next Generation due to advanced LEAP-1B engines, redesigned aerodynamics and lighter materials. With a fuel burn of around 2.0 liters per 100 kilometers per passenger, the 737 MAX 8 is the preferred choice for airlines seeking cost-efficient operations. Around 130 operators worldwide use this type of aircraft, including American Airlines, Ryanair and United Airlines. Delivered in October 2025, the narrow-body aircraft is equipped with up to 210 seats and is leased for twelve years to VietJet Airlines, Vietnam’s largest low-cost carrier. The airline is the market leader in air traffic in Vietnam and the Southeast Asian region in terms of seat capacity.
The first sale from the APF5 portfolio, which is worth more than 500 million euros, is a six-year-old Airbus A350-900 aircraft leased to the airline Fiji Airways. The fund’s strategy of achieving double-digit return expectations with an opportunistic approach was thus successfully implemented. With the sale and the new investment, the portfolio remains well diversified according to manufacturers, aircraft types and lessees, while at the same time offering high return potential.
Stephan Gundermann, Head of Portfolio Management Aviation at KGAL Investment Management, says: “These two transactions once again underpin the attractiveness of aircraft leasing investments with their advantages with an attractive risk-return profile and low correlation to other asset classes.”
The KGAL APF5 fund was launched in 2021 as an individual mandate for a professional pension fund. Together with its subsidiary GOAL, KGAL has the necessary technical and investment expertise from a single source to take advantage of the opportunities in the aircraft financing market for investors. GOAL manages the APF5 fund as a technical asset manager and is also a co-investor.
