Tokyo Century Corporation (TC) has purchased the joint venture aircraft leasing business it owned with CIT Group.

TC will acquire all the shares of TC-CIT Aviation Ireland (CAI) and TC-CIT Aviation US (CAU) currently held by CIT.

Following the share purchase, the two companies will become wholly-owned subsidiaries of TC.

TC has been the majority shareholder in the businesses since they were formed in 2014, holding 70% equity.

TCAI and TCAU have invested approximately $1.5 billion in building a portfolio of 33 aircraft.

As well as its aircraft leasing business, TC has an aircraft debt financing business and an aircraft parts financing and debt financing business, operated jointly with GA Telesis, an equity affiliate.

TC is forecasting long-term growth in the aviation market and plans to continue focusing on developing its aircraft-related businesses.

The balance of operating assets in aircraft financing currently totals approximately $2.5 billion, and TC aims to grow this to $3.5 billion.

In addition to aircraft leasing, TC will focus on developing its engine leasing, aircraft parts financing and other businesses related to aircraft assets, including joint initiatives with alliance partners to accelerate growth.