NORDIC Aviation Capital (NAC), the world’s largest lessor of regional aircraft, has opened its Limerick headquarters and says its portfolio now exceeds 500 aircraft.

The new Irish base is located at Gardens International, a major urban renewal project in Limerick.

The lessor said it generated a business performance of $98.1m (€88.5m) in the first half of its financial year.

That is close to twice the amount it generated in the first half of its previous financial year.

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Business performance incorporates the profit for the year, the amortisation of lease premiums, maintenance rights and other assets, as well as tax paid.

The lessor said the most recent performance reflected organic growth, improved fleet utilisation, and continued lower operating and financing costs.

“Reaching a fleet of 500 aircraft is a significant milestone for the business and this, combined with our recent move to Gardens International, will enable us to realise and fulfil our future plans for the growth and development of NAC,” said Soren Overgaard, the firm’s chief executive.

The NAC fleet includes a mix of turbo-prop aircraft and regional jets, such as ATR-72s, Embraer 190s and 195s, and CRJs.

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