By Gina Lee

Investing.com – CK Asset Holdings Ltd (HK:) said on Friday that the company had agreed to for $4.28 billion, enhancing its strategic focus and exits this sector during the COVID-19 pandemic.

CK Asset shares of Hong Kong jumped 3.35%, to HK$47.75 (6.12) at 11:34 ET (4:34 GMT).

Under the deal, the Hong Kong property developer will sell the entire Accipiter Finance S.à r.l. and Manchester Aviation Finance S.à r.l. to Maverick Aviation Holdings Ltd., which is managed by Carlyle Aviation Partners, the Carlyle Group’s commercial aviation investment and servicing arm.

This divestment will see the disposal of the 125 aircraft owned by both companies as well as their order books. CK Asset said the disposals would provide “a satisfactory gain” of around $170 million for the company.

“The group considered it an opportune time to exit the aircraft-leasing sector and enhance its strategic focus during the pandemic,” CK Asset said in a filing to the Hong Kong Exchanges and Clearing.

“COVID-19 has caused a paradigm shift in the aircraft leasing sector… the risk and return dynamics have become volatile and unpredictable, and the industry has undergone increased consolidation, mergers and acquisitions activities to mitigate such volatility.”