Commercial aircraft lessor Aircastle has completed the sale of approximately 12.3 million common shares to Japanese trading and investment company Marubeni Corp.

The transaction represents 15.3% of Aircastle’s issued and outstanding common shares, and gives Marubeni the right to designate two appointees to the board of directors. Proceeds from the sale, based on $17/share, come to approximately $209.1 million.

According to Aircastle’s first-quarter results, as of March 31, the lessor closed or committed to acquire 10 aircraft for more than $450 million. Additionally, the company closed on the purchase of one Boeing 767-300ER subject to a finance lease. Aircraft sales and dispositions totaled $19.8 million, which resulted in a net gain on the sale of aircraft of $1.2 million. By the quarter’s close, Aircastle owned 158 aircraft, with a net book value of $4.7 billion. Net income for the first quarter was $23.1 million, down $9.5 million, or 29%.

Aircastle CEO Ron Wainshal said, “With this equity investment, Aircastle will be well positioned … to leverage Marubeni’s global presence and network to expand into new markets, business opportunities and funding sources.”