AerCap Sells Off $800 Mln Aircraft Portfolio

Dublin-based aircraft lessor AerCap has agreed to sell a portfolio of 21 aircraft worth USD$800 million to Saudi Arabia’s Peregrine Aviation.

AerCap said the deal, which involves a mix of wide- and narrow-body aircraft, includes the provision of lease management services to Peregrine.

Peregrine Aviation is an investment company established by NCB Capital, the brokerage arm of the National Commercial Bank of Saudi Arabia.

“Aircraft leasing is a fast growing industry that offers a unique and attractive diversification opportunity,” NCB Capital chief executive Sarah Al Suhaimi said.

AerCap’s chief executive Aengus Kelly said the transaction “is a clear demonstration of the attractiveness of our aviation assets globally.”

With the Peregrine deal, AerCap said it has now sold or contracted to sell about $2.4 billion of mid-life assets in 2017.