DUBLIN, Sept. 11, 2019 /PRNewswire/ -- AerCap Holdings N.V. ("AerCap") (NYSE: AER) announced today that it has signed an agreement to sell a 19-aircraft portfolio to Dara Aviation ("Dara"), an Irish entity established by NCB Capital. NCB Capital has $40bn of assets under management and is the brokerage arm of the National Commercial Bank, the largest bank in Saudi Arabia.
This is the second portfolio acquired by NCB Capital from AerCap following their purchase of 21 aircraft in 2017, which AerCap services.
The 19-aircraft portfolio consists of a mix of wide-body and narrow-body aircraft on lease to airlines around the world. As part of the sale, Dara has appointed AerCap as exclusive Servicer. AerCap will provide lease management services including aircraft technical management, lease administration and marketing services.
"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," said Aengus Kelly, CEO of AerCap. "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."
Sarah Al Suhaimi, Chief Executive Officer of NCB Capital 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. We are delighted to have partnered once again with leading financial institutions and AerCap."
AerCap is the global leader in aircraft leasing with 1,373 aircraft owned, managed or on order and $43.1 billion of total assets as of June 30, 2019. AerCap has one of the most attractive order books in the industry. AerCap serves approximately 200 customers in approximately 80 countries with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER) and has its headquarters in Dublin with offices in Shannon, Los Angeles, Singapore, Amsterdam, Shanghai, Abu Dhabi, Seattle and Toulouse.
This press release contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are "forward-looking statements". In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "should," "expect," "plan," "intend," "estimate," "anticipate," "believe," "predict," "potential" or "continue" or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this press release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward-looking statements. As a result, we cannot assure you that the forward-looking statements included in this press release will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this press release might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE AerCap Holdings N.V.