General Electric Co. agreed to sell its corporate aircraft financing portfolio to Global Jet Capital, a lender established last year by Blackstone Group LP to enter the private plane market, as chief executive officer Jeffrey Immelt works to shrink the company’s lending arm.

The transaction has a value of $2.5 billion in ending net investment, a balance-sheet gauge that excludes non-interest- bearing liabilities and cash, GE said Monday. With the deal, GE’s announced divestitures by that measure have reached $97 billion this year. As Immelt refines GE’s focus on industrial properties, Nelson Peltz’s Trian Fund Management LP is taking advantage of the streamlining of the business to acquire a $2.5 billion stake, the companies announced Monday.

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