Doric Purchases First Aircraft for Floreat Aviation Portfolio

Eleanor Steed
By Eleanor Steed December 1, 2016 16:17

Doric Purchases First Aircraft for Floreat Aviation Portfolio

As part of the Floreat Aviation Portfolio, the first Airbus A330-200 was purchased on November 30, 2016. This aircraft is on lease to Virgin Australia.

Three more A330s are expected to be added to the portfolio in December 2016, resulting in an investment volume of up to US$400 million. Aside from the commercial debt procured by Doric, an issuance of conventional and Sharia-compliant notes will be used to finance the aircraft.

Up to US$175 million is anticipated to be raised from the issuance of the notes. The notes are originated and structured by Floreat Capital Markets, and seeded and distributed by the Floreat Group to their institutional investors in Europe and the Middle East. This diverse portfolio will be comprised of aircraft operated by four airlines across four continents.

As a full service provider, Doric is the acting asset manager for the aircraft, and is responsible for accounting related services for this portfolio.

Eleanor Steed
By Eleanor Steed December 1, 2016 16:17