Dubai Aerospace Enterprise’s leasing division, DAE Capital, signed three agreements to sell 16 aircraft with a total market value of approximately $900 million.

The aircraft covered by these agreements include Boeing 737 and Airbus A320, A330 and A350 family aircraft, have an average age of two years and are currently on lease to 11 airlines in 11 countries.

Firoz Tarapore, CEO of DAE, said “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.”

These agreements are expected to close in the second half of 2018.

Dubai Aerospace Enterprise is an aerospace corporation and one of the largest aircraft leasing companies in the world. Headquartered in Dubai, DAE’s leasing and engineering divisions serve more than 125 airline customers around the world from its seven locations in Dubai, Dublin, Amman, Singapore and the U.S. DAE Capital has an owned, managed and committed fleet of nearly 400 Airbus, ATR and Boeing aircraft with a fleet value of $14 billion.