Investment by Shannon Group will facilitate further growth in the decades ahead
Tuesday 23rd April 2019: The world’s largest independent aircraft engine leasing company, Engine Lease Finance Corporation (“ELFC”), is celebrating its 30th year of business in Shannon with a complete upgrade of its offices and a commitment to grow its Irish base.
Headquartered at Shannon Free Zone since its founding in 1989, ELFC, a subsidiary of Mitsubishi UFJ Lease & Finance (“MUL”), is moving back into its state-of-the-art headquarters at the Shannon Free Zone after an extensive €4 million refurbishment carried by Shannon Group’s property company, Shannon Commercial Properties, who own the building.
The works were carried out on the iconic four-storey glass fronted building over a 12 month period by L&M Keating, with the 60 ELFC staff returning to the facility in time to mark its 30th anniversary this year.
ELFC is the world’s largest independent aircraft engine leasing company and has a portfolio of 300 engines worth in excess of €2 billion and serves 79 airlines and customers around the globe from its Shannon headquarters.
Commenting on the investment by Shannon Commercial Properties, ELFC President & CEO and Clare native, Tom Barrett said: “This is a very significant statement by our company and Shannon Commercial Properties, one that is recognising the 30 years of operations here by ELFC. This extensive upgrade has provided our staff with the very best facilities in the region, a state-of-the-art headquarters that they deserve.
Along with our parent company, Mitsubishi UFJ Lease & Finance (“MUL”), we look forward to continuing to grow the business of ELFC from our Shannon Free Zone headquarters for the next 30 years. We are delighted to have the support of the landlord who have delivered on our vision for our staff.”
ELFC has gradually built its business since 1989 to the point where its global customer base covers all the continents, with its overseas staff operating from offices in Boston, Hong Kong and London with other staff based in Beijing, Birmingham, Dublin, Madrid, Singapore and Tulsa. In addition to its core engine leasing business, it acquired a majority stake in a Chicago based parts company, INAV LLC, in 2017.
Commenting on the opening of its newly refurbished offices, the Chairman of ELFC and Group Head of Aviation Division & Executive Managing Officer of MUL, Mr. Osamu Muramoto commented that
“MUL are delighted to support the success of ELFC since its acquisition in 2014 and look forward to many more years of success for ELFC and its staff in the future. ELFC represents one of MUL’s very important overseas subsidiaries and is a significant contributor to MUL’s aviation business platform.”
Said Shannon Group’s Ray O’Driscoll, Managing Director of Shannon Commercial Properties: “ELFC is a stellar name globally in aircraft engine leasing and its presence here over the past 30 years has played a key role in the Shannon Free Zone becoming a major global cluster in the aviation and aerospace sectors. This is something we are very proud of and grateful for.
As owners of the property, we are recognising their commitment to this region by making sure they have the absolute best facilities possible through this major refurbishment. That’s the standard that Shannon Commercial Properties is focussed on delivering through our ongoing, record investment programme which has already seen over €40 million invested at Shannon Free Zone to-date.”
Mr Barrett added: “In common with many of the aircraft and engine leasing companies based in Ireland, ELFC is a world leader in the aviation leasing sector from its earliest days. With the support of its parent company, MUL, who acquired it less than 5 years ago, the company has seen its portfolio grow and staff numbers increase by about 30% respectively to the point where it now employs 66 people of 9 different nationalities across the globe.
The majority of these are based in its Shannon headquarters where ELFC is pleased to provide a truly international working environment and many challenging opportunities for its 51 locally based staff.”
ELFC is one of the longest established members of the International Aviation Centre (IASC) promoted aviation cluster at Shannon, a cluster of aviation enterprises which presently number in excess of 80 companies.