Emirates to buy Doric Nimrod Air Two's remaining five A380s for $200 million

Doric Nimrod Air Two has agreed to sell its five remaining A380s to Emirates for $200 million in total, it said in a stock exchange filing on August 21, 2024. The aircraft are currently on lease to Emirates, which has agreed to purchase the aircraft at the end of the lease period. This is expected to be between October and November this year. The lessor had purchased seven A380s from 2011 onwards and were leased to the airline. It had previously sold two A380s to the Emirates in 2023 following the end of their respective leases. The operating leases will continue as normal until the end date. The company said: ""The directors intend to distribute the sale proceeds to shareholders together with the remaining cash holdings, net of any liquidation and other costs and assuming successful completion and no further unexpected costs or events, as soon as possible following the last lease end date."" Payment to shareholders is expected to be made early in the first quarter of next year. The process for Doric's liquidation is expected to commence ""as soon as practicably possible"" after the payment. ""The board wishes to thank both its advisers, Doric and Nimrod, for their advice and assistance in achieving this settlement and also the company's shareholders for their patience and constructive role throughout the company's life,"" the company said in the filing. ""The board would also like to thank Emirates for the past 12 years of cooperation."" The lessor expects to declare a quarterly dividend in October this year, which is set to be the last interim dividend declared by the company.