Filed under: Wings
Lately it seems that the private jet revolution is bigger in Europe than in the U.S. The latest new fractional ownership and charter brand Jet Republic, a new company set to take on the European leader NetJets Europe. Jet Republic has bought 110 Bombardier Learjet 60XRs which is a full 25 orders and 85 options valued at an impressive $1.5 billion which is said to be the largest single business jet order in European aircraft history. The venture recently launched and will sell a Jet card at 130,000 euros ($190,000) for 25 hours of flying time. Jet Republic has arrangements with 30 business aircraft operators throughout Europe to provide charters for their customers.
About a year after the company gets their first aircraft they will begin a fractional ownership program. They are selling shares now but customers won't be able to use them until next year. Each one-sixteenth share in the Learjet 60XR will entitle the owner to 50 flight hours and owners can go up to a half share with 400 hours. The owners will pay a monthly management fee of 2,000 euros plus an hourly rate of 3,500 euros. Flight Global quotes Jet Republic chief executive Jonathan Breeze as saying he's not concerned about the current economic turmoil. He says it's a great time to launch the company and that when they "put the package together in July we were actually turning investors away."