As part of its expansion strategy, Challenge Group is ready to receive investment of over €60m from Investec Aviation Finance to support acquisition and freighter conversion of a batch of four Boeing 767-300ERs. “This conversion programme is the keystone in Challenge Group’s expansion strategy as it allows it to increase its current fleet of eight widebody freighters,” says the company’s chief investment officer, Michael Koish. “This was no straightforward financing deal. But thanks to strong co-operation and out-of-the box thinking, we were able to solve some of the complicated issues that popped up along the way.” Challenge Group’s logistics operation also includes a cargo terminal in Liege. Investec says the funding has been underwritten jointly by its UK and South African aviation arms. Challenge Group operates carrier divisions in Israel – the company formerly known as CAL Cargo Airlines – as well as Belgium and Malta, and its fleet includes Boeing 747-400 as well as 767 freighters.