Riyadh – Mubasher: NCB Capital Company on Wednesday announced that its subsidiary NCB Capital (DIFC) has acquired a 21 commercial aircraft portfolio from the UAE-based AerCap Holdings at a value of $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,” according to NCB’s statement.
The portfolio consists of wide-body, narrow-body Airbus, and Boeing aircraft that are available for leasing for 14 airline companies across the world, the statement added.
The takeover has been completed through DIFC's wholly owned unit Peregrine Aviation Company Limited.
The Middle East’s leading investment firm NCB Capital said that the transaction was part-financed with a non-recourse term loan.
Credit Suisse, Citibank and BNP Paribas were the lead arrangers of the credit facility, said NCB Capital, the investment banking and asset management arm of the National Commercial Bank.
While Hadley & McCloy LLP, Tweed, and Milbank were the legal advisors for NCB Capital in this transaction.
“Aircraft leasing is a fast growing industry that offers a unique and attractive diversification opportunity,” NCB Capital’s CEO Sarah Al Suhaimi commented.
"This transaction with NCB Capital is a clear demonstration of the attractiveness of our aviation assets globally," said Aengus Kelly, AerCap’s CEO.
Based in Dublin, the New York Stock Exchange Listed Company AerCap is an international leader in aircraft leasing, provides services for 200 customers in approximately 80 nations.
