DAE announces portfolio sale of 18 aircraft

DUBAI,Dubai Aerospace Enterprise, DAE, has entered into a definitive sale agreement to sell a portfolio of 18 mid-life aircraft to institutional investors. The 18 aircraft in this portfolio are on lease to 15 airlines in 13 countries and have a weighted average age of approximately nine years with a weighted average remaining lease term of 4.5 years.

The portfolio is made up of 69 per cent current generation narrow body aircraft, 24 per cent wide body aircraft, and seven percent ATR72-600 turboprop aircraft.

DAE will act as portfolio servicer.

Commenting on the announcement, Firoz Tarapore, Chief Executive Officer of DAE, said, “We continue to build our managed aircraft portfolio. This transaction takes us one step closer to our stated goal of having US$5 billion of managed aircraft assets. Investors are increasingly recognising the value of DAE’s Aircraft Investor Services platform and entrusting the management of their aircraft assets to us. So far, we have continued to outperform our investors’ expectations in all the portfolios we manage.”

Source: Emirates News Agency