Element Fleet Management sold $23 million of Element Rail Leasing II LLP 2016-1 Class B notes for an amount exceeding the current book value of the notes.

“We continue to make strong progress on our overall growth strategy including value optimization of non-core assets,” said Bradley Nullmeyer, CEO of Element Fleet Management. “Like the HD Trucks transaction announced earlier this month, this sale will allow us to further enhance our operating focus on our core fleet operations, and facilitate the return of capital to stakeholders including repurchases under our share buyback program.”

Following this sale, non-core assets now comprise approximately 6% of Element’s total assets.