CMH acquires aircraft from Emirates airline
Manama, April 24, 2011
Capital Management House (CMH), the Bahrain based investment bank, in partnership with Novus Aviation and Muzun Partner, has acquired a Boeing 777-200ER aircraft from Emirates Airlines.
According to the terms of the agreement, the aircraft, fitted with Rolls Royce Trent 8900 engines, will be leased back to Emirates for a fixed six year-term. The lease agreement will be managed by Geneva based Novus Aviation Services, CMH’s partner in the transaction and a specialist in aircraft sourcing, trading, leasing and other related services.
Financing for the acquisition was provided by the London branch of DVB Bank, one of the largest transportation finance banks in the world, with Trowers & Hamlins acting as the legal advisors and Avitas having conducted the valuation and inspection of the aircraft.
“We are delighted to close another transaction in the region’s transportation sector, where we see opportunities to acquire income yielding assets that will not only provide CMH and our strategic investors with strong potential for capital appreciation but, importantly, recurring and sustained income streams,” stated Khalid A. Al Bassam, chairman of CMH.-TradeArabia News Service