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Doric seeks £220m to get third aircraft fund off the ground

by Sarah Miloudi on May 22, 2013 at 11:34

Doric seeks £220m to get third aircraft fund off the ground

Doric, the asset manager behind plane funds Doric Nimrod Air One and Nimrod Air Two, is to launch a third closed-end fund.

Like its previous launches, the asset manager is hoping to get another plane fund off the ground. 

It will be a Guernsey-domiciled, limited liability company on the specialist fund market of the London Stock Exchange, and will come to market next month, Wealth Manager understands.

It is expected that Doric Nimrod Air Three (DNA3) will initiate a financing deal similar to its previous two launches, which have leased aircrafts out to leading firms and proved popular with institutional fund and wealth managers because of their simplicity and clear income stream.

It is understood that DNA3 is hoping to attract in the region of £220 million of equity at launch, and this will be matched with around £410 million of debt financing in order to acquire four new Airbus A380s later this year.

The planes will be leased to Emirates on a 12-year term.

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