Mirae Asset Daewoo Co. said its Hong Kong operation has resold two Emirate Airlines aircrafts to a Japanese leasing company after generating 15 percent return for investors on its aircraft financing.

Mirae Asset Daewoo’s Hong Kong office has entered into an agreement with a Japanese aircraft leasing company to sell two Boeing 777-300ER aircrafts that it bought from Emirate Airlines in a sale-leaseback deal in 2015, the company said Monday. A sale-leaseback deal is a financial transaction in which the new owner of an aircraft leases back an aircraft to its original owner for rent fee.

The securities company did not disclose the name of the Japanese buyer or the sales amount, but estimated a profit of over 15 percent. The company had bought the two aircrafts for $320 million in consortium with other institutional investors.

A Mirae Asset Daewoo Hong Kong official said the company plans to up investment in aircraft financing market as it projects high growth for aviation industry. It also plans to bolster alternative investments with new funds. The company is readying to have its equity capital bumped up to 2.3 trillion won ($1.9 billion) in the second half this year through rights offering to its parent.

Previously in 2017, Mirae Asset Daewoo’s Hong Kong office sold a Finnair aircraft, marking the first aircraft sale among Korean securities companies. Its other aircraft investing project includes DHL parcel delivery plane.

By Cho Si-young and Cho Jeehyun

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