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August 27, 2007
GE aviation arm aims to raise $400mln in S'pore trust

GE Commercial Aviation Services (GECAS), a unit of General Electric Co, plans to raise $400 million by listing a business trust in Singapore, the first in the city-state backed by airplanes, sources said on Monday.

Altitude Aircraft Leasing Trust will be listed in the fourth quarter, a source close to the deal told Reuters, adding Goldman Sachs and Singapore's DBS Bank were mandated as advisers for the IPO.

"They will put airplanes from a few companies into the trust," said a second source, without providing the total value of the assets.

GECAS, the commercial aircraft financing and leasing business of GE, has a fleet of 1,450 owned aircraft that it leases to more than 230 airlines in some 70 countries, and it manages nearly 300 aircraft for others, according to its Web site.

GECAS also offers operating leases and secured debt financing, and spare engine leasing and spare parts financing and management.

Singapore has offered tax breaks and a flexible regulatory environment to attract local and international companies to list their real estate and shipping assets into trusts. Reuters reports

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