Abu Dhabi's Waha Capital sells stake in AerLift leasing

Stake was bought by a newly established US-based aircraft leasing platform for an undisclosed amount
Abu Dhabi's Waha Capital sells stake in AerLift leasing
Salem Rashid Al Noaimi, CEO and managing director of Waha Capital
By Reuters
Sun 06 Apr 2014 10:11 AM

Abu Dhabi investment company Waha Capital has sold
its stake in AerLift Leasing to an unidentified US firm for an undisclosed
amount, Waha said on Sunday.

At the end of 2012, Waha had a 60.4 percent stake
in AerLift Leasing, which is incorporated in the Isle of Man, according to
Waha's most recent annual report.

"We have crystallised a good return to our
shareholders through this sale, which adds to the capital base we are building
to make future investments in areas of strong growth potential," Waha
chief executive Salem Rashid Al Noaimi said in a statement to Abu Dhabi's

The statement did not reveal the deal value or
identify the buyer of AerLift Leasing, which owns a portfolio of 11 commercial
aircraft operated by a number of international airlines.

Waha and New York-listed aircraft leasing company
AerCap established Aerlift in 2010, with Waha owning about 60 percent and
AerCap 40 percent. Waha in turn owned 26.3 percent of AerCap at the end of

Aerlift paid Aercap $6.9m for management
services in 2013.

In December, AerCap said it would buy International
Lease Finance Corp from insurer AIG for $5bn.

Waha Capital also has investments in sectors
including marine shipping, healthcare and property.

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