AerCap in €670m Peregrine jet deal

DUBLIN-HEADQUARTERED aircraft-leasing company AerCap has sold a 21-jet portfolio to Peregrine Aviation for $800m (€670m).

Peregrine Aviation is an investment entity established by NCB Capital.

NCB Capital is the brokerage arm of the National Commercial Bank – the largest bank in Saudi Arabia – and has $37bn (€31.3bn) of assets under management.

The portfolio sold consists of a mix of wide-body and narrow-body aircraft.

As part of the sale, AerCap, whose chief executive is Gus Kelly, will provide lease management services to Peregrine and will retain an equity interest in the entity.

Describing the transaction with NCB as a demonstration of the attractiveness of its aviation assets on a global scale, Mr Kelly said that the sale will mean that AerCap has sold or contracted to sell approximately $2.4bn of mid-life assets in 2017.

“The transaction is further evidence of the reach of the AerCap platform and our disciplined approach to portfolio management,” he said.

“We thank NCB Capital for their confidence in AerCap and we look forward to working with the Peregrine team in the future.”

In October, it was revealed that the 162 staff at the Irish subsidiary of AerCap last year shared in a pay package of $55m (€47m).

AerCap, with its roots in Guinness Peat Aviation, had 1,506 aircraft owned, managed or on order as of the end of September.

That makes AerCap the world’s second-largest lessor after Gecas in terms of fleet size.