Aviation Capital Group LLC (ACG), the US aircraft lessor that Tokyo Century consolidates, has signed a contract to buy 75 Airbus A320neo-family aircraft. Its board resolved on the order on 15 October US time, which was 16 October in Japan, and the contract was signed the same day, according to Tokyo Century's disclosure.
The order
The series covers the A319neo, A320neo, A321neo and other aircraft in the family. Tokyo Century gives a catalog value of about ¥1.856tn, converted at ¥157.33 to the dollar as of 30 September. That is a reference figure only: the company says a confidentiality agreement stops it disclosing the actual purchase price, so what ACG will pay is not known.
Delivery is expected from 2032, with the last aircraft due in 2035. Because of that timing, Tokyo Century says the effect on consolidated results for the year to March 2027 will be slight.
Why a lessor orders this far ahead
Tokyo Century says ACG expects strong demand for narrowbody aircraft on short and medium routes after the deliveries begin, and that airlines will lean more on operating leases. It describes the A320neo series as Airbus's latest narrowbody, with fuel burn and CO2 emissions cut by up to 20% and noise by up to 50% against the previous generation.
ACG was founded in 1989. At the end of June 2026 it owned 286 aircraft and managed 25, a total of 311. Including aircraft on order with manufacturers, the figure is 504. The average age is 5.4 years, and narrowbodies make up 94% of the fleet by aircraft count.
The ownership overlap
The order lands while ACG's ownership is set to change. Tokyo Century has agreed to sell 50.0% of TC Skyward Aviation U.S., Inc., the 100% parent of ACG, to Itochu Corporation. Once the sale closes, after approvals under the relevant competition laws, ACG will leave Tokyo Century's consolidated group and become an equity-method affiliate.
The order notice does not say how the commitment will be shared or financed after that change. Earlier terms of the stake sale are in Earlier Tokyo Brief coverage.
The notice names Airbus S.A.S as seller. It reports no capital, personnel or trading ties between Tokyo Century and Airbus.