Embassy Office Parks REIT's chief executive officer Michael Holland has resigned from the company and Vikaash Khdloya has been appointed as the CEO with effect from July 1.
Embassy REIT, sponsored by Embassy group and Blackstone, declared a distribution of Rs 499 crore or Rs 5.26 per unit for Q4 FY2022. With this, the cumulative distribution for FY2022 totals Rs 2,063 crore or Rs 21.76 per unit, 1 percent higher than the initial guidance, of which 82 percent is tax-free for unitholders.
The Net Operating Income (NOI) grew by 23 percent to Rs 2,491 crores during the last fiscal. According to a regulatory filing, the board of Embassy Office Parks Management Services Pvt Ltd, which is the manager to Embassy REIT, has accepted the resignation of Michael Holland, Chief Executive Officer of the company as Manager to Embassy REIT with effect from close of business on June 30, 2022.
"Further, the Board of Directors also approved the appointment of Vikaash Khdloya, Deputy Chief Executive Officer and Chief Operating Officer, as the Chief Executive Officer of the company as Manager to Embassy REIT with effect from July 1, 2022," it added. Khdloya has been a member of the senior leadership team of the Company since its listing in April 2019 and has been associated with the asset portfolio since 2011.
Michael Holland will be relocating back to Europe. Khdloya said: "Demand for high quality office parks and technology sector expertise in India continues to grow, providing significant tailwinds for Embassy REIT. I am excited and honoured to lead the REIT through this next phase of growth after working with the management team and sponsors for more than a decade."
Jitu Virwani, Chairman of the Manager to Embassy REIT, said: "Vikaash is an extremely effective business leader, a worthy successor to Mike and we are confident of a smooth transition. We would also like to convey our deep gratitude to Mike for making Embassy REIT one of the leaders in Asian real estate."