Embassy Office Parks

Embassy Office Parks REIT on Thursday appointed Ritwik Bhattacharjee as its interim Chief Executive Officer (CEO) with immediate effect, following Sebi's order to suspend its CEO Arvind Maiya. On Monday, Sebi ordered the suspension of Maiya as the CEO of the Embassy REIT manager firm Embassy Office Parks Management Services, and the appointment of an interim CEO with immediate effect. Ritwik has been associated with the REIT since its listing and was a founding member of the team that helped list Embassy REIT in 2019. He last held the position of Chief Investment Officer at Embassy REIT. Before joining Embassy REIT, Ritwik spent over 12 years as an investment banker at global firms, including Nomura, Citi, UBS and JP Morgan. Embassy REIT is India's first publicly listed Real Estate Investment Trust. It owns and operates a 51.1 million square feet portfolio of 14 office parks in Bengaluru, Mumbai, Pune, the National Capital Region (NCR) and Chennai. Embassy REIT's portfolio compri

Embassy Office Parks REIT on Thursday reported a 13 per cent increase in its net operating income to Rs 765.6 crore and announced distribution of Rs 494.8 crore to unit holders in the fourth quarter of the last fiscal year. Its net operating income stood at Rs 680.2 crore in the year-ago period. According to a regulatory filing, Embassy REIT has posted an 8 per cent annual increase in its net operating income to Rs 2,981.9 crore during the last fiscal year. Its net operating income (NOI) stood at Rs 2,766.3 crore in the preceding year. The Board of Directors of Embassy Office Parks Management Services, which is manager to Embassy REIT, declared a distribution of Rs 495 crore or Rs 5.22 per unit for Q4 FY24. With this, the cumulative distribution for the entire 2023-24 totals Rs 2,022 crore or Rs 21.33 per unit. "FY2024 has been a blockbuster year for Embassy REIT. We leased a record 8.1 million square feet to leading corporates, the majority of which were GCCs, we delivered 2.2 .

Afghanistan Embassy on Friday announced its permanent closure, citing "persistent challenges from the Indian government", even as heads of its Mumbai and Hyderabad missions claimed to have assumed the leadership of the embassy here. The developments come after the Afghanistan Embassy had announced on September 30 that it is ceasing its operations from October 1. The mission had then cited a lack of support from the host government, failure to meet expectations in serving Afghanistan's interests and reduction in personnel and resources. In a statement issued on Friday, the embassy said it regrets announcing the permanent closure of its diplomatic mission in New Delhi, effective from November 23, "owing to persistent challenges from the Indian government". "This decision follows the embassy's earlier cessation of operations on 30th September 2023, a move made in the hope that the Indian government's stance would evolve favourably for the normal continuation of the Embassy of the Islam

"Our overall philosophy on co-working has been that it is an amenity for our business parks and occupiers", said Khdloya

A large part of the rise in the fortunes of these realty barons is attributed to a rally in the real estate stocks at the bourses. For the year under review, the BSE Realty index gained 55 per cent

Embassy Office Parks REIT on Tuesday said it has raised Rs 300 crore through issue of non-convertible debentures on a private placement basis to refinance existing debt.

Occupancies may fall 100-200 bps in the coming quarters

Embassy Office Parks REIT to refinance an existing debt of its IT park 'Embassy TechVillage' in Bengaluru

Embassy Office Parks REIT has raised Rs 3,680 crore ($501 million) through sale of units to institutional investors and will use this amount to partly fund its acquisition of IT park in Bengaluru

The TechVillage sale for $1.3 bn was the country's single largest commercial property deal, and made Embassy REIT the largest in Asia by office space

While the Covid-19 pandemic has resulted in an uncertain near-term outlook for many businesses worldwide, Holland said Embassy REIT is uniquely positioned to weather the pandemic

Embassy REIT's CEO Michael Holland said the company has reported another strong quarter of performance

Embassy Office Parks, a joint venture between global investment firm Blackstone and realty firm Embassy Group, had raised Rs 4,750 crore through REIT

A Reit allows investors to take ownership in a yield-generating commercial real estate properties, such as office buildings or shopping malls