Aju Business Daily

SEOUL --The brokerage subsidiary of Mirae Asset, a major financial and asset management group in South Korea, has sold two Boeing 777-300ERs, which were purchased from Emirates Airline and leased back, to an unspecified Japanese leasing company.

Mirae Asset Daewoo said Monday that its Hong Kong branch has signed a deal with the Japanese company. Financial and other details such as the buyer's name were withheld. In 2015, the securities company purchased the two B777-300ERs in a $320 million lease buyback deal by forming a consortium with foreign banks and domestic institutional investors.

A sale and leaseback is a transaction in which the owner of a property sells an asset, typically real estate, and then leases it back from the buyer. In this way, the transaction functions as a loan, with payments taking the form of rent.

The Mirae group has aggressively invested abroad. Mirae Asset Daewoo said that with the 777-300ER deal, it would become a reliable player in aircraft financing.