NORDIC Aviation Capital (NAC) is to spread its wings in Limerick with plans to further invest in the city.
The Irish-headquartered aircraft leasing company is set to expand its Limerick presence at their new office space at Gardens International on Henry Street.
NAC last year announced its intentions to relocate to the brand new office development in the city and have this week agreed to lease the remaining three floors of the award-winning city centre development.
At the recent Paris Air Show, NAC signed a Letter of Intent (LOI) with Airbus for 20 of their new A220 aircraft marking the first time NAC has ordered this aircraft type. In addition, NAC signed a LOI with ATR for over 100 new aircraft.
NAC is already the largest customer for this aircraft type and currently has over 200 ATR aircraft in its portfolio.
The $4 billion investment reflects the company’s success in partnering with leading airlines and ensures that they can continue to meet the market demand for modern and fuel-efficient aircraft.
The increased office space in Limerick will facilitate existing workforce, accommodate global colleagues, provide space for enhanced facilities and allow NAC to expand when required and as the business grows.
A company spokesperson said that the Limerick investment reflects the global growth and success of the company, its ambitious plans for its future in Ireland, and the success of the Limerick operation.
NAC chief commercial officer Jim Murphy said they were looking forward to moving into their new base at Gardens International, which “reflects the scale of our ambition and our commitment to Ireland.
“We are proud of the exceptional capabilities of our talented team across the globe, and it is through their hard-work and commitment that all of these successes are achieved,” he added.
The company currently employs 80 people in Ireland and 220 people globally with offices in Denmark, United States, Singapore and Hong Kong.
Its customers include British Airways, Air Canada, Air France, Lufthansa, LOT Polish Airlines, Alitalia and Dublin-based Stobart Air (operator of Aer Lingus Regional) among others.
According to its latest annual report, NAC had a $6.3 billion portfolio of 426 aircraft and 71 clients across 48 countries. Lease revenue increased from $690 million to $780 million in the past fiscal year, with a business performance result of $160.2 million.