Emirates has agreed to buy the remaining five of a total of seven Airbus A380s it had been leasing from Doric Nimrod Air Two Limited, an entity set up by Doric to buy and lease out the aircraft, the lessor said in an Aug. 21 filing to the London Stock Exchange.
Doric said that it had bought seven A380-861 aircraft from October 2011 onward through Doric Nimrod Air Two Limited.
These were each leased for 12 years to Emirates, the largest operator of the type. The first two aircraft, with manufacturer’s serial number (MSN) 077 and MSN 090, were both sold to Emirates in 2023 following the end of their respective leases. That left the lessor with five remaining A380-861s, MSNs 105, 106, 107, 109 and 110.
Doric has now reached an agreement with Emirates in which the Dubai-based carrier will purchase the aircraft at their respective lease end dates between Oct. 1 and Nov. 30, 2024.
The sale proceeds for each aircraft are expected to be equivalent to $40 million, Doric said, which will be distributed to shareholders, likely early in the first quarter of 2025—after which the process for liquidating the special purpose entity will begin.
Doric said it would make a further announcement detailing final distribution amounts and timetables in due course.
Emirates currently has more than 90 A380s operating in its fleet.
The double-decker aircraft has seen an increase in popularity in recent years, with some airlines reintroducing them after having decided to phase them out of their fleets during the COVID-19 pandemic. Production of the A380 ended in 2021.
Credit: Ewan Partridge/Alamy Stock Photo
