DAE signs agreements to sell aircraft valued at US$900 million
posted on May 30, 2018
Dubai, U.A.E., 30 May 2018 – Dubai Aerospace Enterprise (DAE) Ltd. announced today that its leasing division DAE Capital has recently signed three agreements to sell 16 aircraft with a total market value of approximately US$900 million.
The aircraft covered by these agreements include Boeing 737 and Airbus A320, A330, and A350 family aircraft, have an average age of two years and are currently on lease to 11 airlines in 11 countries.
Firoz Tarapore, Chief Executive Officer of DAE commented “This divestment activity will help us optimize our portfolio composition and monetize some of our recent larger-scale investments. This transaction does not impact our total number of customers. Proceeds will be used to pay down debt and reinvested to support our ambitious growth plans. Proactively managing our portfolio through active trading is a critical component of our long-term portfolio strategy and it is important for us to remain relevant in all segments of the secondary market for aircraft sales.”
These agreements are expected to close in the second half of 2018.
*Source: APCO Worldwide