The Caisse de dépôt et placement du Québec (CDPQ) and Ireland’s SMBC Aviation Capital have partnered on a new US$1.5-billion aircraft financing and leasing company.

The joint-venture’s creation is expected to have broad commercial real estate implications.

The companies announced that they will make an initial deployment of US$500 million per year over the next three years. The new joint-venture will be known as Maple Aircraft Company Holdings. Dublin-based SMBC said in a news release that it will source transactions and, “under a sistership condition, invest in opportunities alongside the platform.” SBMC will also serve as the platform’s servicer.

Montreal-based CDPQ ranks among Canada’s largest institutional investors with C$424 million in net assets, including diverse commercial real estate holdings. SMBC is one of the world’s largest aircraft operating lease firms with a fleet of 900 aircraft.