Nordic Aviation Capital Exits Limerick Office, 25 Jobs Lost

The primary tenant of the Gardens International office complex in Limerick, Nordic Aviation Capital (NAC), will vacate its premises, resulting in the loss of 25 jobs by the end of the year. This decision follows NAC’s acquisition by Dubai Aerospace Enterprise (DAE) earlier in 2023, marking a significant shift for the company and the local economy.

NAC was one of the first major tenants at the Gardens International when it opened in 2019, occupying all five floors of the complex. At that time, the firm employed approximately 85 people, with its then chief commercial officer, Jim Murphy, praising the robust aviation ecosystem in the Mid-West region. However, the impact of the Covid-19 pandemic drastically affected the aviation industry, leading to a substantial reduction in NAC’s workforce.

In its peak year of 2018, NAC employed 220 staff globally, but that number dwindled to 100 by 2023, as the company struggled to recover from the financial fallout of the pandemic. Currently, it is estimated that around 25 employees remain at the Limerick location, a sharp decline reflecting the company’s downsizing efforts.

NAC, once the largest regional aircraft lessor serving over 70 airline customers across 48 countries, faced significant challenges. The pandemic led to a dramatic drop in air travel, which, combined with mounting debts, forced the company to seek bankruptcy protection in the United States in 2021. By 2023, NAC had returned to profitability, but the scale of operations had been considerably reduced.

As the company prepares to leave the Gardens International, it has gradually downsized its footprint, moving from five floors to three. Negotiations are reportedly underway between DAE and Limerick Twenty Thirty, the local council’s property management company, to discuss the leasing of the remaining three floors. A source indicated that there is goodwill on both sides, with expectations for a new tenant to occupy the space soon.

Limerick Twenty Thirty has a strong track record in leasing office space, as evidenced by the recent announcement of 70 new jobs created within the same complex. While the organization does not comment on matters related to individual tenants, the signs indicate that the office space will be filled quickly.

A spokesperson for IDA Ireland, the agency that supported the job creation at DAE, noted that they do not comment on individual client matters but emphasized the importance of maintaining a strong employment landscape in the region.

Despite the loss of jobs at NAC, the overall outlook for Limerick’s business environment remains resilient, with ongoing interest from various companies looking to establish a presence in the area. As the city continues to adapt to changing economic conditions, the potential for new opportunities remains strong.