DAE announces portfolio sale of 18 aircraft
DAE to retain servicing of the portfolio
Dubai, U.A.E., 17 December 2018 – Dubai Aerospace Enterprise (DAE) Ltd. 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 9 years with a weighted average remaining lease term of 4.5 years. The portfolio is made up of 69% current generation narrow body aircraft, 24% widebody aircraft, and 7% ATR72-600 turboprop aircraft.
DAE will act as portfolio servicer.
Mr. 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 recognizing the value of DAE’s Aircraft Investor Services (AIS) 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.”