AerCap signed an agreement to sell a 21-aircraft portfolio to Peregrine Aviation, an investment entity established by NCB Capital. NCB Capital has $37 billion 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.

“This transaction with NCB Capital is a clear demonstration of the attractiveness of our aviation assets globally,” said Aengus Kelly, CEO of AerCap. “With this sale, AerCap will have sold or contracted to sell approximately $2.4 billion 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. We thank NCB Capital for their confidence in AerCap and we look forward to working with the Peregrine team in the future.”

Sarah Al Suhaimi, CEO of NCB Capital, said, “Aircraft leasing is a fast growing industry that offers a unique and attractive diversification opportunity. We are delighted to have partnered with AerCap, the global leader in aircraft leasing, in this transaction that is the first of its kind in our market.”