AerCap Holdings N.V. (NYSE: AER) has announced that it has signed an agreement to sell a 21-aircraft portfolio to Peregrine Aviation Company Limited, an investment entity established by NCB Capital, the company said.
NCB Capital has USD 37bn of assets under management and is the brokerage arm of the National Commercial Bank, the largest bank in Saudi Arabia.
The 21-aircraft portfolio consists of a mix of wide-body and narrow-body aircraft.
As part of the sale, AerCap will provide lease management services to Peregrine and will retain an equity interest in the entity.
AerCap is the global provider of aircraft leasing with, as of September 30, 2017, 1,506 owned, managed or on order aircraft in its portfolio. 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 Amsterdam, Los Angeles, Shannon, Fort Lauderdale, Singapore, Shanghai, Abu Dhabi, Seattle and Toulouse.
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 with more than USD 37bn of assets under management, and is the largest Shariah-compliant asset manager globally.