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Guernsey Firm Pioneers Aircraft Leasing Venture

Wednesday, August 3, 2011

Another new Guernsey company has for the first time been listed on the London Stock Exchange (LSE) offering investment in A380 aircraft operated by Emirates.

Doric Nimrod Air Two (DNA2) is a Guernsey-domiciled limited liability company which aims to provide investors with income and capital returns through investment in the loan of three Airbus A380 aircraft to Emirates for 12 years. It raised initial capitalization of GBP145m (USD236m) and earlier this month was listed on the LSE’s Specialist Fund Market (SFM), as well as the Channel Islands Stock Exchange (CISX).

DNA2 has been established by London-based financial advisers, Nimrod Capital and Doric Asset Finance, a Frankfurt-based aircraft leasing group that specializes in financing A380s. They were behind a similar, smaller venture named Doric Nimrod Air One, which was also listed on the SFM and CISX at the close of last year but involved the leasing of just one aircraft to Emirates. It was believed to be the first company of its kind to be listed on the London markets.

Nimrod Capital Partner Marc Gordon said: “This opportunity should continue to prove most interesting to UK investors, particularly in the current low-yield environment, as many are looking for high-income investments backed by real and stable assets that can also provide a hedge against inflation.”

The new Guernsey-incorporated entity has Herbert Smith as legal advisers in London and Mourant Ozannes in Guernsey, and the appointed auditor is Deloitte. It is being administered in Guernsey by Anson Fund Managers Limited. The latter are administrators to five of the eleven companies listed on the SFM.