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Embassy Office Parks REIT has announced the appointment of Aravind Maiya as its Chief Executive Officer with effect from July 1, 2023. The position is currently handled by Vikaash Khdloya, who will step down effective June 30, after which he will assume the role of Senior Advisor to the REIT until the end of this year.
Maiya was associated with Embassy in the past as the Chief Financial Officer, where he played a pivotal role in the growth of Embassy REIT since its listing. With over 22 years of experience, he rejoins the REIT from Tata Realty, where he was the CFO.
Read: Embassy Office Parks REIT eyes acquisitions in Chennai & Bengaluru
“I am delighted to rejoin Embassy REIT to lead its next phase of growth. We have ambitious aspirations, and I’m excited about the potential that lies ahead. I look forward to working again with the wonderful team at the REIT to create long-term value for all our stakeholders,” said Aravind Maiya, CEO Designate, Embassy REIT.
Q4 results
Additionally, the company reported that its Q4FY23 net revenues increased by 15 per cent YoY to ₹3,419.5 crore from ₹2,962.6 crore in the same quarter the year before. The net operating income (NOI) grew by 11 per cent YoY to ₹2,766 crore.
“Despite global macro volatility, we were able to achieve our highest ever leasing of 5.1 msf across a record 100 deals. India remains the world’s preferred offshoring destination and continues to attract global businesses looking for skilled talent and low costs, and we’re well positioned to benefit from this secular trend. We continue to make significant growth investments in our now 45 million-square-foot portfolio,” said Vikaash Khdloya, Chief Executive Officer of Embassy REIT.
The Board of Directors of Embassy Office Parks Management Services, at its meeting held earlier today, declared a distribution of ₹532 crore or ₹5.61 per unit, for Q4 FY2023. With this, the cumulative distribution for FY2023 totals ₹2,058 crore, or ₹21.71 per unit. The record date for the Q4 FY23 distribution is May 6, and the distribution will be paid on or before May 12.
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