Aircraft lessor Dubai Aerospace Enterprise (DAE) Capital has signed agreements to sell 16 aircraft, valued at approximately $900 million.

“This divestment activity will help us optimize our portfolio composition and monetize some of our recent larger-scale investments. This transaction does not impact our total number of customers. Proceeds will be used to pay down debt and reinvested to support our ambitious growth plans. Proactively managing our portfolio through active trading is a critical component of our long-term portfolio strategy and it is important for us to remain relevant in all segments of the secondary market for aircraft sales,” DAE CEO Firoz Tarapore said May 30.

The aircraft, which are being sold under three agreements, include Boeing 737 and Airbus A320-, A330-, and A350-family aircraft that are currently on lease to 11 airlines in 11 countries.

DAE said the portfolio has an average age of two years and the agreements are expected to close in the second half of 2018.

The Dubai-based lessor has a total owned, managed and committed fleet of nearly 400 Airbus, ATR and Boeing aircraft, valued at $14 billion.

Victoria Moores