September 24, 2019 / 10:28 AM / 5 months ago

Novus Aviation selling $800 million in assets this year

DUBAI (Reuters) - Dubai-headquartered Novus Aviation Capital is selling $800 million in aircraft assets this year which will be used toward financing expanding the portfolio and a return to investors, its managing director said on Tuesday.

The privately held aircraft leasing and financing firm has already sold most of the assets which are from its own portfolio and aircraft that it manages and has co-invested in, Mounir Kuzbari told Reuters at the company’s Dubai office.

The aircraft are Airbus and Boeing wide- and narrowbody jets.

Novus has a portfolio of around 50 financed and leased jets. Its customers include British Airways (ICAG.L), Singapore Airlines (SIAL.SI), and Emirates, according to its website.

The firm plans to increase its portfolio to 100 aircraft, worth between $5 billion and $8 billion, by 2021.

Reporting by Alexander Cornwell; editing by Jason Neely

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