Embassy REIT Appoints Leasing Co-Heads, Gears up for Anticipated Office Demand Revival
Bangalore, June 16, 2021
Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed REIT and one of the largest in Asia by area, today announced the appointment of Rishad Pandole and Amit Shetty as Co-Heads, Leasing to spearhead office leasing for the REIT’s 42.4 million square feet (msf) pan-India portfolio across Bangalore, Mumbai, Noida and Pune. Embassy REIT concluded 40+ new lease deals during FY2021, including prominent global occupiers across six sectors, and achieved spreads of 15% despite the pandemic. Today’s announcement further reinforces Embassy REIT’s market position and occupier-centric approach.
Michael Holland, CEO of Embassy REIT, said, “We are pleased to announce the appointment of Rishad and Amit as Co-Heads, Leasing. This further reinforces our leasing track record over the past five years, wherein we successfully delivered over 40% mark-to-market spreads on 7.9 msf lease-up. In FY22, we aim to deliver 1.1 million square feet of new on-campus development at Embassy TechVillage in Bangalore and around 5 million square feet over the next 3-4 years in Bangalore, NCR and Pune. We continue to invest in talent, both within and in the market, as we gear up for a significant pick-up in office demand given the ongoing vaccine roll-out and encouraging news on both the trajectory of the pandemic and the growth in our occupier businesses.”
Rishad Pandole has been elevated from his current role of Regional Head, North & West markets to Co-Head, Leasing. He has been driving leasing for REIT properties for over eight years and has an overall 23 years of experience. He will partner with Amit Shetty, who joins Embassy REIT with over 16 years of experience, of which the last ten years were with CBRE, where his primary focus was on office leasing for Bangalore. Both Rishad and Amit specialize in real estate portfolio management, and they will drive business and workplace strategies to offer customized solutions for the benefit of occupiers.
Embassy REIT believes that the India office market is one of the most resilient office markets in the world due to the type of technology clients Embassy REIT caters to, including Global Captive Centres and offshore technology companies. Companies are focusing on innovation, AI, digital transformation and cyber-security activities, which rely on the skills of the Indian talent pool, which will result in an increasing office demand in the near future. Workplace upgrades and a flight to quality along with safety and wellness protocols will be the key themes underpinning this demand. Physical office spaces will become even more important for high-quality employers to bring about mentoring, coaching, innovation, productive output, collaboration and culture building.
About Embassy REIT
Embassy REIT is India’s first publicly listed Real Estate Investment Trust. Embassy REIT owns and operates a 42.4 million square feet (“msf”) portfolio of eight infrastructure-like office parks and four city centre office buildings in India’s best-performing office markets of Bangalore, Mumbai, Pune, and the National Capital Region (“NCR”). Embassy REIT’s portfolio comprises 32.3 msf completed operating area and is home to over 190 of the world’s leading companies. The portfolio also comprises strategic amenities, including two operational business hotels, four under construction hotels, and a 100MW solar park supplying renewable energy to tenants.
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 the Embassy Office Parks REIT (“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 assessment and analysis of the market and the market position of Embassy REIT.
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, uncertainties and other factors, including the impact of COVID-19 on us, our occupiers and the Indian and global economies, 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.
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.
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