Aircraft on static display at an airport. (Image is for illustration purposes only.) Image Credit: AP

Dubai: Dubai Aerospace Enterprise (DAE) said on Monday that it is selling a number of its aircraft that are currently on lease to 15 airlines in 13 countries.

The assets up for sale are 18 airplanes that are approximately nine-years-old. A definitive sale agreement to offer the mid-life aircraft to institutional investors has already been signed.

The move is part of the company’s goal of having $5 billion worth of managed aircraft assets.

According to the leasing firm, the planes have a weighted average remaining lease term of 4.5 years. “The portfolio is made up of 69 per cent current generation narrow body aircraft, 24 per cent wide-body aircraft and 7 per cent ATR72-600 turboprop aircraft,” the company said in a statement.

“This transaction takes us one step closer to our stated goal of having US$5 billion of managed aircraft assets,” added Firoz Tarapore, chief executive officer of DAE