Embassy REIT CEO Michael Holland resigns

The Chief Executive Officer of Embassy Office Parks REIT, Michael Holland has resigned from the company. After Michae Holland quit the company, Vikaash Khdloya has been appointed as the CEO with effect from July 1. Other than this, Embassy REIT also declared a distribution of Rs 499 crore or Rs 5.26 per unit for Q4 FY2022. After this distribution, the cumulative distribution for FY2022 stands at Rs 2,063 crore or Rs 21.76 per unit, which is 1 percent more than the initial guidance, of which 82 percent is tax-free for unitholders. In the last fiscal year, the Net Operating Income (NOI) increased by 23 percent to Rs 2,491 crores.

According to a regulatory filing, the board of Embassy Office Parks Management Services Pvt Ltd has accepted the resignation of Michael Holland. The Board in its statement commented, “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.”