Published Date: 19/03/2021
Ireland’s status as the world’s leading centre for aircraft leasing activity has been recognised once again, with leading aviation trust service provider, UMB Bank, choosing to locate its first European office in Dublin.
The company, a subsidiary of US-headquartered UMB Financial Corporation, has entered into an agreement with Davy Real Estate Group for 1,170sq ft (108 sq m) of space at Newmount House on Lower Mount Street, Dublin 2. UMB has taken a 10-year lease with a break option in year five and is set to pay a rent in the region of €40 per sq ft. Karl Lynch of Cushman & Wakefield advised UMB while David Rowe of Finnegan Menton advised the landlord.
The agreement will allow UMB to operate in Ireland through UMBF Trust and Agency Services Ltd, and to offer the Irish Owner Trustee product to clients worldwide. The bank’s Dublin office will be headed up by managing director Katherine O’Brien, who has more than 10 years’ experience in the aviation sector.
Commenting on UMB’s decision to locate in Dublin, the bank’s executive director of speciality trust and agency solutions, Mark Flannagan, said: “We are very excited to extend our reach in the commercial aircraft trust space by establishing an Irish office.
“Dublin is the aircraft leasing capital of the world, and market trends support the belief that the aviation industry and the use of owner trusts will continue on a healthy growth trend. In addition to reflecting the persistent growth of UMB’s institutional services, the opening of our Irish office allows us to build our presence as a trustee in the most important geographic location for future aircraft leasing activity.”
The opening of the Irish trust office follows UMB’s inclusion as an approved trustee for the Global Aircraft Trading System (GATS), developed by the Aviation Working Group in 2020. Already cleared as a GATS trustee in the United States, UMB can now expand its GATS trustee capabilities to include Ireland.