Chicago-based transportation leasing company GATX signed an agreement to sell the majority of its aircraft leasing business.

A consortium of investors including Macquarie Bank of Australia and affiliated investment funds of Och Ziff Capital Management Group will acquire GATX's aircraft and seek to acquire assets of joint ventures managed by GATX. The majority of employees in the leasing business are expected to remain with the business under the ownership of Macquarie Aircraft Leasing Limited.

The book value of the assets is approximately $1.5 billion, or 21 percent of GATX's total assets. GATX expects to receive approximately $500 million in cash after the sale closes at the end of the year.

"GATX has been in the commercial aircraft leasing business since 1968, building a valuable operating lease platform and portfolio of aircraft," said Brian A. Kenney, president and CEO of GATX. "We believe that the sale of this platform to MALL will enable GATX to realize greater value for our shareholders than we could realize from continuing to own the business, and will position GATX to pursue opportunities in our higher return rail and specialty businesses."