UAE – Mubasher: Dubai Aerospace Enterprise (DAE) Limited had recently signed agreements to acquire 23 aircraft from multiple counterparties for nearly $1.10 billion, according to a press release.
The aircraft portfolio has a weighted average age of 3.4 years, a weighted average lease term remaining 8.8 years, and is on lease to 13 airlines in nine countries.
On a consolidated basis, the portfolio consists of 91% of narrow-body aircraft by value, and 86% of the portfolio is next-generation technology aircraft.
Firoz Tarapore, CEO of DAE, commented: “We are delighted to add this young portfolio of aircraft assets with a long remaining lease term to our fleet, and as part of these transactions, we welcome six new airline customers to our globally diverse customer base.”
“Following the induction of these aircraft, our next generation fuel-efficient fleet composition is expected to improve by nominally four percentage points on a pro-forma basis,” Tarapore added.
Meanwhile, all aircraft are expected to close by the end of 2024.
DAE recorded lower net profits at $69.70 million as of 31 March 2024, versus $73.50 million in Q1-23.
