Limerick-based Nordic Aviation Capital (NAC) has announced it will invest further in the city as it expands its new office space at Gardens International to encompass the entire development.

This comes as Nordic Aviation Capital signed a Letter of Intent with Airbus for 20 of their new A220 aircraft at the recent Paris Airshow. 

This marks the first time NAC has ordered this aircraft type. 

NAC also signed a Letter of Intent 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 company said the investment - worth about $4 billion - reflects its success in partnering with leading airlines and ensures that it can continue to meet the market demand for modern and fuel efficient aircraft.

NAC currently employs 80 people in Ireland and 220 people globally with offices in Denmark, US, Singapore and Hong Kong. 

Its customers include British Airways, Air Canada, Air France, Lufthansa, LOT Polish Airlines, Alitalia and Dublin-based Stobart Air, which operates Aer Lingus Regional services among others.

Jim Murphy, chief commercial officer of Nordic Aviation Capital, said the recent developments are key components of the company's ambitious, long-term business growth strategy. 

"As a leading aircraft leasing firm in Ireland and globally, we are pleased to be expanding our fleet to meet the growing needs of our customers. The orders reflect our commitment to the regional aircraft sector and support our desire to provide our customers with the most modern and fuel-efficient aircraft," Mr Murphy said.