Dubai Aerospace Enterprise (DAE) has been mandated by one of the world’s largest fund managers to source and manage aircraft valued at about $1.4 billion.
DAE said it will acquire the assets and that its Aircraft Investor Services (AIS) platform will manage the assets on behalf of the investor.
When asked by Al Arabiya English, DAE said it is not at liberty to disclose the name of the investor at this time.
The multi-year mandate will include sourcing and managing the aircraft and helping the investor with the capital structure for the acquired aircraft.
The deal will mainly target secondhand narrow-body and wide-body aircraft sourced through DAE’s worldwide relationships in secondary market trading and sale-leaseback channels.
“We are off to a flying start and have already sourced 25 percent of the portfolio,” said Firoz Tarapore, chief executive officer of DAE.
The company currently owns more than 300 aircraft and will manage more than 100 aircraft, Tarapore said.
The new mandate will bring the firm’s portfolio to over $2.7 billion in assets under management.
DAE said it expects its managed portfolio to grow to its target of $5 billion, coupled with other ongoing projects.
Dubai-headquartered DAE’s leasing and engineering units serve over 125 global airliners from its locations in Dublin, Singapore, Amman, Dubai and the US.