NCB Capital (DIFC) Limited, a subsidiary of Saudi-based NCB Capital Company, has announced the acquisition of a portfolio of 21 commercial aircraft from AerCap Holdings, valued at $800 million.
AerCap will retain an equity stake in the portfolio and will provide technical and lease management services in its capacity as the portfolio servicer, a statement said.
It added that the portfolio comprises a mix of narrow-body and wide-body Airbus and Boeing aircraft on lease to 14 airlines across the world.
The acquisition of the portfolio is part-financed with a non-recourse term loan arranged by BNP Paribas, Citibank and Credit Suisse.
Sarah Al Suhaimi, CEO of NCB Capital said: “Aircraft leasing is a fast growing industry that offers a unique and attractive diversification opportunity. We are delighted to have partnered with AerCap, the global leader in aircraft leasing, in this transaction that is the first of its kind in our market.”
Aengus Kelly, CEO of AerCap, added: "The transaction is further evidence of the reach of the AerCap platform and our disciplined approach to portfolio management. We thank NCB Capital for their confidence in AerCap and we look forward to working with the Peregrine team in the future."
NCB Capital was founded in 2007 as the investment banking and asset management arm of the National Commercial Bank. Today, it is the largest asset manager in Saudi Arabia with more than $37 billion of assets under management, and is the largest Shariah-compliant asset manager globally.
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