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Nimrod launches new maritime venture
by Robert St George on Mar 26, 2014 at 00:01
Nimrod Capital, which runs the Doric Nimrod Air trusts, has added a seafaring fund to its fleet.
Nimrod Sea Assets has listed in London after raising £79 million, which it will use to build a portfolio of between eight and 10 minority positions in special purpose holding companies, each of which will typically own and lease a vessel serving the offshore oil and gas industry.
These ships will be focused on the North Sea and South East Asia, and will include platform supply vessels and mobile offshore drilling units.
Nimrod is targeting a total internal rate of return of 14%, with a yield of 10% based on the issue share price of $1 (61p).
The group also manages the Doric Nimrod Air funds, which lease Airbus aircraft to Emirates Airlines.
The £410 million Doric Nimrod Air Two fund, which launched in 2011, has returned 13% in share price terms since then and currently yields around 8%.
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