Bengaluru (Karnataka) [India], April 28 (ANI/BusinessWire India): Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (Embassy REIT'), India's first listed REIT and the largest office REIT in Asia by area, today announced the appointment of Aravind Maiya as Chief Executive Officer of Embassy REIT with effect from July 1, 2023. Vikaash Khdloya has expressed his intent to pursue other interests and will step down as CEO effective June 30, 2023, post which he will assume the role of Senior Advisor to the REIT until the end of this year.
Aravind played a pivotal role in the growth of Embassy REIT since its listing as the Chief Financial Officer. With over 22 years of experience, Aravind rejoins the REIT from Tata Realty, where he was the CFO.
Vikaash and Aravind will work closely together to ensure a smooth transition.
Aravind Maiya, CEO Designate, Embassy REIT, said,
"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."
Jitu Virwani, Chairman & Managing Director, Embassy Group, said,
"I welcome Aravind back and am very pleased for him to take over as CEO of Embassy REIT. Aravind was a core member of the REIT's management team and was instrumental in driving its success since listing. We're very grateful to Vikaash for his stewardship of Embassy REIT over the last few years, particularly during the two years of the pandemic. We wish him continued success in his future endeavours."
Tuhin Parikh, Head of Real Estate India, Blackstone, said,
"Vikaash has played a key role in the growth of this portfolio since 2011, and we thank him for his contribution to the success of Embassy REIT. As demonstrated in the recently announced full year results, Embassy REIT's business is in excellent shape and the REIT delivered a strong business performance with record leasing of 5.1 msf. Under Aravind's leadership, we look forward to taking Embassy REIT to greater heights."
Vikaash Khdloya, CEO, Embassy REIT, said,
"After an incredible 12 year journey, I believe the time is right for me to pursue other interests and passions. It's been a privilege to lead Embassy REIT, and I am extremely proud of the team and the results we've achieved over the last four years since our listing. Embassy REIT is very well placed today to deliver on the growth cycle accelerated over the last few years and I wish Aravind all the very best."
This press release is prepared for general information purposes only. The information contained herein is based on management information and estimates. It is only current as of its date, has not been independently verified and may be subject to change without notice. Embassy Office Parks Management Services Private Limited ("the Manager") in its capacity as the Manager of Embassy REIT, and Embassy REIT make no representation or warranty, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness and completeness of the content hereof. Each recipient will be solely responsible for its own investigation, assessment and analysis of the market and the market position of Embassy REIT. Embassy REIT does not provide any guarantee or assurance with respect to any distribution or the trading price of its units.
This press release contains forward-looking statements based on the currently held beliefs, opinions and assumptions of the Manager. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of Embassy REIT or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, recipients of this press release are cautioned not to place undue reliance on these forward-looking statements. The Manager disclaims any obligation to update these forward-looking statements to reflect future events or developments or the impact of events which cannot currently be ascertained, such as COVID-19. In addition to statements which are forward looking by reason of context, the words 'may', 'will', 'should', 'expects', 'plans', 'intends', 'anticipates', 'believes', 'estimates', 'predicts', 'potential' or 'continue' and similar expressions identify forward-looking statements.
This press release also contains certain financial measures which are not measures determined based on GAAP, Ind-AS or any other internationally accepted accounting principles, and the recipient should not consider such items as an alternative to the historical financial results or other indicators of Embassy REIT's cash flow based on Ind-AS or IFRS. These non-GAAP financial measures, as defined by the Manager, may not be comparable to similarly titled measures as presented by other REITs due to differences in the way non-GAAP financial measures are calculated. Even though the non-GAAP financial measures are used by management to assess Embassy REIT's financial position, financial results and liquidity and these types of measures are commonly used by investors, they have important limitations as analytical tools, and the recipient should not consider them in isolation or as substitutes for analysis of Embassy REIT's financial position or results of operations as reported under Ind-AS or IFRS. Certain figures in this press release have been subject to rounding off adjustments. Actual legal entity name of occupiers may differ.
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