Embassy REIT appoints Aravind Maiya as CEO, reports Q4 results

Embassy Workplace Parks REIT has introduced the appointment of Aravind Maiya as its Chief Government Officer with impact from July 1, 2023. The place is at present dealt with by Vikaash Khdloya, who will step down efficient June 30, after which he’ll assume the position of Senior Advisor to the REIT till the top of this yr.

Maiya was related to Embassy prior to now because the Chief Monetary Officer, the place he performed a pivotal position within the progress of Embassy REIT since its itemizing. With over 22 years of expertise, he rejoins the REIT from Tata Realty, the place he was the CFO.

Learn: Embassy Workplace Parks REIT eyes acquisitions in Chennai & Bengaluru 

“I’m delighted to rejoin Embassy REIT to steer its subsequent part of progress. We now have bold aspirations, and I’m excited in regards to the potential that lies forward. I look ahead to working once more with the great group on the REIT to create long-term worth for all our stakeholders,” mentioned Aravind Maiya, CEO Designate, Embassy REIT.

This fall outcomes

Moreover, the corporate reported that its Q4FY23 internet revenues elevated by 15 per cent YoY to ₹3,419.5 crore from ₹2,962.6 crore in the identical quarter the yr earlier than. The web working revenue (NOI) grew by 11 per cent YoY to ₹2,766 crore.

“Regardless of world macro volatility, we had been in a position to obtain our highest ever leasing of 5.1 msf throughout a report 100 offers. India stays the world’s most popular offshoring vacation spot and continues to draw world companies searching for expert expertise and low prices, and we’re effectively positioned to learn from this secular pattern. We proceed to make important progress investments in our now 45 million-square-foot portfolio,” mentioned Vikaash Khdloya, Chief Government Officer of Embassy REIT.

The Board of Administrators of Embassy Workplace Parks Administration Providers, at its assembly held earlier at present, declared a distribution of ₹532 crore or ₹5.61 per unit, for This fall FY2023. With this, the cumulative distribution for FY2023 totals ₹2,058 crore, or ₹21.71 per unit. The report date for the This fall FY23 distribution is Might 6, and the distribution shall be paid on or earlier than Might 12.