Deutsche Bank AG (XETRA: DBKGn.DB / NYSE: DB) announces that it has acquired EUR 1.67 billion of loans from Norddeutsche Landesbank’s (“NORD/LB“) EUR2.75 billion aircraft financing portfolio. The loans were acquired in a competitive bidding process, and are to a diverse range of lessors and airlines and secured by commercial passenger aircraft. Nord/LB’s current aircraft portfolio comprises around 300 financed aircraft and engines.
The portfolio is being acquired by Deutsche Bank’s Global Credit Financing & Solutions (GCFS) business which has a diverse lending portfolio including renewable energy finance, energy transition finance, infrastructure and transportation finance, and asset backed financing.
“This deal plays to our strengths and our deep experience in this sector. It is an opportunity for us to acquire high quality loans with an attractive return profile,” said Ross Duncan, Co-Head of the Global Transportation Finance team at Deutsche Bank.
The competitive bidding process for the loans attracted high demand, underlining the quality of the portfolio. Both parties have agreed not to disclose the purchase price.
Completion of the purchase agreement is subject to approval by the antitrust authorities. The sale is expected to be finalised in the second half of 2024.
