ST Engineering has incorporated a joint venture company, Juniper Aviation Investments in Singapore. ST Engineering Aerospace Resources , a subsidiary of ST Engineering, and Temasek each have a 50% share in the JV.
The JV will address the growing demand for freighter aircraft as e-commerce and air cargo volumes expand across the globe. It targets a portfolio valued at about US$600m (or about S$800m) within five years, investing in passenger aircraft to be converted into freighters. ST Engineering will provide the associated maintenance, repair and overhaul service options for these aircraft.
In addition, ST Engineering will be the asset and lease manager to the JV, consistent with the group’s aviation asset management business model. Following its incorporation, the JV will set up a subsidiary to hold special purpose companies for the purpose of freighter owning and leasing.
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