Dubai Aerospace Enterprise (DAE) said its leasing division DAE Capital has recently signed three agreements to sell 16 aircraft with a total market value of $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.

A globally-recognized aerospace corporation, DAE is one of the largest aircraft leasing companies in the world. Headquartered in Dubai, DAE’s leasing and engineering divisions serve over 125 airline customers around the world from its other locations in Dublin, Amman, Singapore and the US.

On the new deal, CEO Firoz Tarapore said: "This divestment activity will help us optimise our portfolio composition and monetise 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," noted Tarapore.

"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," he added.

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

DAE Capital has an owned, managed and committed fleet of nearly 400 Airbus, ATR and Boeing aircraft with total value of $14 billion. -TradeArabia News Service