Independent aircraft leasing company AerCap has agreed to divest its second aircraft portfolio to NCB Capital-owned Irish company Dara Aviation.

The two companies had reached an agreement in 2017 when AerCap sold its first aircraft portfolio to NCB Capital-established investment entity Peregrine Aviation Company. The portfolio consisted of 21 aircraft.

AerCap CEO Aengus Kelly said: “We are very pleased to work with NCB Capital on this second innovative transaction. It reaffirms the attractiveness of our aviation assets globally and the reach and scale of the AerCap platform.

“With this sale, AerCap will have sold or contracted to sell approximately $1.4bn of mid-life assets to NCB since 2017. We thank NCB Capital for the confidence they have placed in AerCap and we look forward to working with the NCB Capital team for many years to come.”

The latest aircraft portfolio comprises a combination of 19 wide-body and narrow-body aircraft that are on lease to airlines operators worldwide.

According to the sale agreement, AerCap will act as Dara’s exclusive servicer and offer aircraft technical management, lease administration and marketing services.

NCB Capital chief executive officer Sarah Al Suhaimi said: “This innovative transaction and the application of new Shariah-compliant credit facilities, reaffirms NCB Capital’s commitment to being at the forefront of the local and regional asset management sectors.

How disruptive will the COVID-19 outbreak be on aerospace supply chains?

View Results

Loading ... Loading ...

“We are delighted to have partnered once again with leading financial institutions and AerCap.”

In July, AerCap delivered a new Boeing 787-9 to EgyptAir.

Headquartered in Dublin, Ireland, AerCap serves nearly 200 customers in 80 countries.