Guggenheim in $708m Boeing order

Guggenheim Aviation Partners, a division of Guggenheim Partners, has ordered three Boeing 777 freighter jets as the firm pursues a $750m fund.

Guggenheim Aviation Partners has ordered three Boeing 777 Freighters, with an option to purchase on additional plane, the firms announced.

The deal is valued at approximately $708 million (€536 million).

In October, Guggenheim ordered four 747-8 Freighters from Boeing in a deal valued at $1.12 billion. Investment funds managed by GAP currently own 31 Boeing aircraft. The firm plans to sell these on an opportunistic basis, according to the firm’s website.

Guggenheim Aviation is a division of financial services firm Guggenheim Partners, based in Chicago and New York. The division, led by Stephen Rimmer, typically buys and then leases out aircraft, often converting planes from passenger to freight or vice versa.

In related news, Guggenheim Aviation has reached a first close on its second aviation fund on roughly $150 million. The fund is on its way to reach a final close on $750 million, according to a source.