NCB Capital Announces the Acquisition of a $0.8 Billion Aircraft Portfolio
NCB Capital (DIFC) Limited, a subsidiary of NCB Capital Company, the Middle East’s leading investment firm, announced the acquisition of a portfolio of 21 commercial aircraft from AerCap Holdings N.V. (NYSE: AER). AerCap will retain an equity stake in the portfolio and will provide technical and lease management services in its capacity as the portfolio servicer.
The portfolio comprises a mix of narrow-body and wide-body Airbus and Boeing aircraft on lease to 14 airlines across the world. The acquisition of the portfolio is part-financed with a non-recourse term loan arranged by BNP Paribas, Citibank and Credit Suisse.
Sarah Al Suhaimi, Chief Executive Officer of NCB Capital said, “Aircraft leasing is a fast growing industry that offers a unique and attractive diversification opportunity. We are delighted to have partnered with AerCap, the global leader in aircraft leasing, in this transaction that is the first of its kind in our market.”
"This transaction with NCB Capital is a clear demonstration of the attractiveness of our aviation assets globally," said Aengus Kelly, Chief Executive Officer of AerCap. "The transaction is further evidence of the reach of the AerCap platform and our disciplined approach to portfolio management. We thank NCB Capital for their confidence in AerCap and we look forward to working with the Peregrine team in the future."
The transaction has been completed through Peregrine Aviation Company Limited that is owned by an NCB Capital (DIFC) managed vehicle and AerCap.
Milbank, Tweed, Hadley & McCloy LLP acted as legal advisors to NCB Capital (DIFC) and Peregrine.
NCB Capital Company
NCB Capital was founded in 2007 as the investment banking and asset management arm of the National Commercial Bank (over 90% ownership), providing clients with premier solutions of integrated investment services. Today, NCB Capital is the largest Asset Manager in the Kingdom of Saudi Arabia and the largest Sharia compliant Asset Manager globally with over SAR140 billion of assets under management.