London Executive Aviation has taken on the operation of a Challenger 300 on behalf of Andreas Panayiotou, one of the UK's foremost property investors.

Panayiotou, chairman of The Ability Group, has built a diverse portfolio of luxury hotel, commercial and high-end residential properties. He will use his aircraft to visit his investments across Europe, which include multiple Hilton Hotels in the UK, the Club Med Kamarina resort in Sicily and retail properties in Germany. However, other than occasional owner use, the Challenger 300 will be extensively available for charter from its base at Luton airport.

George Galanopoulos, managing director of LEA, says: "We have an established relationship with Andreas, for whom we have previously managed aircraft. When he decided to buy another business jet, we were very pleased to advise him on his choice. We identified the Challenger 300 as ideally suited to his needs and, as the only UK charter operator with extensive experience of operating this type, were well placed to source the perfect aircraft. We dealt with all the importation and registration matters and have had the Challenger refurbished to Andreas's exacting standards."

The Challenger can seat up to eight passengers, two flight crew members and a stewardess. With a 3,600-mile range and the ability to operate from runways as short as 1,300m, the Challenger 300 can serve destinations as far from London as Dubai and Moscow.

"The Challenger 300 is an immensely accomplished super mid-size jet," says Galanopoulos. "From the operator's standpoint, we have been very impressed with the aircraft's quality and dispatch reliability and with Bombardier's field support."

Panayiotou says: "London Executive Aviation has consistently proved straightforward, dependable and professional in our dealings. The company really understands customer service and makes the ownership experience painless."

Confirming his reputation as a shrewd buyer of assets, Panayiotou took advantage of the depressed used aircraft market to secure his Challenger 300 at a deep discount to current list prices. Galanopoulos comments: "Now is a great time to buy a used private aircraft, as prices remain low in the prevailing economic climate. However, the 'smart money' is beginning to act on this opportunity, leading to increased activity in the used market. It won't be long before used aircraft values rise again, so potential buyers would do well to make their acquisitions soon."

"However, as with anything, it is important to buy wisely," he continues. "The aircraft manager has a crucial role to play in this regard, particularly when advising a new aircraft owner. By selecting the right aircraft type for the owner's needs, and locating the best example available, we can ensure the aircraft performs well."