Anchor tenant quits Limerick office complex with loss of 25 jobs

THE MAIN tenant at the Gardens International office complex in the heart of Limerick is to quit the city with the loss of 25 jobs.

Limerick Live has learned aircraft lessor Nordic Aviation Capital (NAC), which was taken over by Dubai Aerospace Enterprise (DAE) earlier this year, is to vacate its space in Henry Street by the end of the year.

“It’s a blow to the city, but it is not unexpected,” said one source close to the process, speaking on condition of anonymity.

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NAC was the first major tenant in Gardens International when it opened in 2019, taking all five of its floors.

Some 85 jobs were in place at that time, with the firm’s then chief commercial officer Jim Murphy hailing the “very strong aviation ecosystem in the Mid-West”.

It’s unclear how many staff remain with NAC, now owned by DAE.

In 2018, NAC reported having 220 staff worldwide, but that had dropped to 100 five years later, according to company filings.

It’s understood Limerick reduced in line with this, leaving approximately 25 left locally.

When it opened in Gardens - having been located elsewhere in Limerick initially - NAC was the industry’s largest regional aircraft lessor, serving over 70 airline customers in 48 countries.

But the Covid-19 pandemic the following year proved to be detrimental to the firm as air traffic tumbled.

Facing huge debts, the firm sought the protection of the courts in America from bankruptcy in 2021.

While NAC was able to return to profitability by 2023, the company was downsized.

In May this year, it was taken over by DAE.

Since it moved into Gardens International, the firm has gradually reduced its footprint in Henry Street from five floors down to three.

It's understood DAE, formerly NAC, will enter talks with Limerick Twenty Thirty, the arms-length council company which owns and operates Gardens International.

These negotiations will focus on leasing back these three floors, with DAE locked into a long-term deal.

“There is goodwill on both sides,” said a source.

It’s understood based on the track record of Limerick Twenty Thirty in leasing space, a new tenant will be found.

This is illustrated by the creation of 70 new jobs in the same complex, announced last week (see story above).

Limerick Twenty Thirty says it does not comment in respect of individual tenants.

DAE did not return a request for comment from the Leader.

A spokesperson for IDA Ireland, which supported the creation of the jobs at DAE added it “does not comment on matters relating to individual client companies”.