Middle Eastern carrier Emirates is to sell one of its Airbus A380s to a Guernsey-based fund, and will lease the aircraft back for a period of 12 years.

The aircraft, manufacturer serial number 016, was the fourth aircraft delivered to Emirates in November 2008.

The fund, Doric Nimrod Air One, is financing the acquisition through a combination of debt provided by Australian bank Westpac and equity raised on the London and Channel Islands stock exchanges.

Nimrod Capital LLP acts as the placing agent while Doric Asset Finance is providing asset management and remarketing services.

The lease has a term of 12 years and lease rentals consist of approximately £4.3 million (Sterling lease rentals) per year and $15 million a year (US$ lease rentals).

Source: Air Transport Intelligence news