Latest news with #AmitShetty
Business Standard
01-08-2025
- Business
- Business Standard
Embassy REIT Appoints Amit Shetty as Chief Executive Officer
BusinessWire India Bengaluru (Karnataka) [India], August 1: 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 Amit Shetty as Chief Executive Officer, effective August 1, 2025. Amit is currently the Chief Operating Officer of Embassy REIT. He has played an instrumental role in building Embassy REIT's business into India's foremost commercial office enterprise. Amit joined Embassy REIT in 2021 from CBRE, where he spent 14 years. Ritwik Bhattacharjee, the current CEO, will serve as Senior Advisor to the REIT. Jitu Virwani, Chairman, Embassy Group, said, "We thank Ritwik for leading the REIT as Interim CEO, and the role he's played in Embassy REIT's success over the years. After conducting a process with a global executive search firm, the Board of the Manager to Embassy REIT unanimously chose Amit Shetty to be Embassy REIT's CEO. With his pedigreed relationships with the leasing community and strong development and asset management capabilities, Amit will take the REIT to greater heights in this growth cycle for the Indian office market." Amit Shetty said, "I am really pleased to lead Embassy REIT at such an exciting time for our business. I am grateful to the Board of Directors for their trust in me, and I look forward to working closely with my colleagues to deliver sustained value to all our stakeholders. I also thank Ritwik for all his contributions to Embassy REIT. Our business is in great shape with strong fundamentals and demand drivers, and the outlook for the Indian office has never been brighter." Bio | Amit Shetty As the Chief Operating Officer, Amit Shetty was responsible for Embassy REIT's leasing, capital projects, & operations functions. He brings over 20 years of experience in leading office leasing, asset sales, construction & operations management across India. Prior to joining Embassy REIT, Amit worked with Honeywell and CBRE where he held a variety of senior leadership roles and led some of the key corporate real estate developments in the country. About Embassy REIT Embassy REIT is India's first publicly listed Real Estate Investment Trust and the largest office REIT in Asia, by area. Embassy REIT owns and operates a 51.2 msf portfolio of 14 office parks in India's best-performing office markets of Bengaluru, Mumbai, Pune, the National Capital Region ('NCR') and Chennai. Embassy REIT's portfolio comprises 40.4 msf completed operating area and is home to 274 of the world's leading companies. The portfolio also comprises strategic amenities, including four operational business hotels, two under-construction hotels, and a 100 MW solar park supplying renewable energy to tenants. Embassy REIT's industry leading ESG program has received multiple accolades from renowned global institutions and was awarded a 5-star rating both from the British Safety Council and GRESB. Embassy REIT was included in the 2023 Dow Jones Sustainability Indices, making it the first REIT in India to be recognised for its sustainability initiatives by a leading global benchmark. For more information, please visit Disclaimer 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. 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. There can be no assurance that any potential opportunities will result in definitive transactions. This press release also contains certain financial measures (including guidance and proforma information) 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.
The Wire
01-08-2025
- Business
- The Wire
Embassy REIT Appoints Amit Shetty as Chief Executive Officer
Bengaluru, Karnataka, India – Business Wire 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 Amit Shetty as Chief Executive Officer, effective August 1, 2025. Amit is currently the Chief Operating Officer of Embassy REIT. He has played an instrumental role in building Embassy REIT's business into India's foremost commercial office enterprise. Amit joined Embassy REIT in 2021 from CBRE, where he spent 14 years. Ritwik Bhattacharjee, the current CEO, will serve as Senior Advisor to the REIT. Jitu Virwani, Chairman, Embassy Group, said, 'We thank Ritwik for leading the REIT as Interim CEO, and the role he's played in Embassy REIT's success over the years. After conducting a process with a global executive search firm, the Board of the Manager to Embassy REIT unanimously chose Amit Shetty to be Embassy REIT's CEO. With his pedigreed relationships with the leasing community and strong development and asset management capabilities, Amit will take the REIT to greater heights in this growth cycle for the Indian office market.' Amit Shetty said, 'I am really pleased to lead Embassy REIT at such an exciting time for our business. I am grateful to the Board of Directors for their trust in me, and I look forward to working closely with my colleagues to deliver sustained value to all our stakeholders. I also thank Ritwik for all his contributions to Embassy REIT. Our business is in great shape with strong fundamentals and demand drivers, and the outlook for the Indian office has never been brighter.' Bio | Amit Shetty As the Chief Operating Officer, Amit Shetty was responsible for Embassy REIT's leasing, capital projects, & operations functions. He brings over 20 years of experience in leading office leasing, asset sales, construction & operations management across India. Prior to joining Embassy REIT, Amit worked with Honeywell and CBRE where he held a variety of senior leadership roles and led some of the key corporate real estate developments in the country. About Embassy REIT Embassy REIT is India's first publicly listed Real Estate Investment Trust and the largest office REIT in Asia, by area. Embassy REIT owns and operates a 51.2 msf portfolio of 14 office parks in India's best-performing office markets of Bengaluru, Mumbai, Pune, the National Capital Region ('NCR') and Chennai. Embassy REIT's portfolio comprises 40.4 msf completed operating area and is home to 274 of the world's leading companies. The portfolio also comprises strategic amenities, including four operational business hotels, two under-construction hotels, and a 100 MW solar park supplying renewable energy to tenants. Embassy REIT's industry leading ESG program has received multiple accolades from renowned global institutions and was awarded a 5-star rating both from the British Safety Council and GRESB. Embassy REIT was included in the 2023 Dow Jones Sustainability Indices, making it the first REIT in India to be recognised for its sustainability initiatives by a leading global benchmark. For more information, please visit Disclaimer 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. 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. There can be no assurance that any potential opportunities will result in definitive transactions. This press release also contains certain financial measures (including guidance and proforma information) 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. (Disclaimer: The above press release comes to you under an arrangement with Business Wire India and PTI takes no editorial responsibility for the same.). PTI This is an auto-published feed from PTI with no editorial input from The Wire. This article went live on August first, two thousand twenty five, at twenty-three minutes past five in the morning.
Business Upturn
31-07-2025
- Business
- Business Upturn
Embassy REIT Appoints Amit Shetty as Chief Executive Officer
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 Amit Shetty as Chief Executive Officer, effective August 1, 2025. Business Wire 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 Amit Shetty as Chief Executive Officer, effective August 1, 2025. Amit is currently the Chief Operating Officer of Embassy REIT. He has played an instrumental role in building Embassy REIT's business into India's foremost commercial office enterprise. Amit joined Embassy REIT in 2021 from CBRE, where he spent 14 years. Ritwik Bhattacharjee, the current CEO, will serve as Senior Advisor to the REIT. Jitu Virwani, Chairman, Embassy Group , said, 'We thank Ritwik for leading the REIT as Interim CEO, and the role he's played in Embassy REIT's success over the years. After conducting a process with a global executive search firm, the Board of the Manager to Embassy REIT unanimously chose Amit Shetty to be Embassy REIT's CEO. With his pedigreed relationships with the leasing community and strong development and asset management capabilities, Amit will take the REIT to greater heights in this growth cycle for the Indian office market.' Amit Shetty said, 'I am really pleased to lead Embassy REIT at such an exciting time for our business. I am grateful to the Board of Directors for their trust in me, and I look forward to working closely with my colleagues to deliver sustained value to all our stakeholders. I also thank Ritwik for all his contributions to Embassy REIT. Our business is in great shape with strong fundamentals and demand drivers, and the outlook for the Indian office has never been brighter.' Bio | Amit Shetty As the Chief Operating Officer, Amit Shetty was responsible for Embassy REIT's leasing, capital projects, & operations functions. He brings over 20 years of experience in leading office leasing, asset sales, construction & operations management across India. Prior to joining Embassy REIT, Amit worked with Honeywell and CBRE where he held a variety of senior leadership roles and led some of the key corporate real estate developments in the country. Disclaimer: The above press release comes to you under an arrangement with Business Wire India. Business Upturn take no editorial responsibility for the same. Ahmedabad Plane Crash
Business Wire
31-07-2025
- Business
- Business Wire
Embassy REIT Appoints Amit Shetty as Chief Executive Officer
BENGALURU, India--(BUSINESS WIRE)--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 Amit Shetty as Chief Executive Officer, effective August 1, 2025. Amit is currently the Chief Operating Officer of Embassy REIT. He has played an instrumental role in building Embassy REIT's business into India's foremost commercial office enterprise. Amit joined Embassy REIT in 2021 from CBRE, where he spent 14 years. Ritwik Bhattacharjee, the current CEO, will serve as Senior Advisor to the REIT. Jitu Virwani, Chairman, Embassy Group, said, 'We thank Ritwik for leading the REIT as Interim CEO, and the role he's played in Embassy REIT's success over the years. After conducting a process with a global executive search firm, the Board of the Manager to Embassy REIT unanimously chose Amit Shetty to be Embassy REIT's CEO. With his pedigreed relationships with the leasing community and strong development and asset management capabilities, Amit will take the REIT to greater heights in this growth cycle for the Indian office market.' Amit Shetty said, 'I am really pleased to lead Embassy REIT at such an exciting time for our business. I am grateful to the Board of Directors for their trust in me, and I look forward to working closely with my colleagues to deliver sustained value to all our stakeholders. I also thank Ritwik for all his contributions to Embassy REIT. Our business is in great shape with strong fundamentals and demand drivers, and the outlook for the Indian office has never been brighter.' Bio | Amit Shetty As the Chief Operating Officer, Amit Shetty was responsible for Embassy REIT's leasing, capital projects, & operations functions. He brings over 20 years of experience in leading office leasing, asset sales, construction & operations management across India. Prior to joining Embassy REIT, Amit worked with Honeywell and CBRE where he held a variety of senior leadership roles and led some of the key corporate real estate developments in the country. About Embassy REIT Embassy REIT is India's first publicly listed Real Estate Investment Trust and the largest office REIT in Asia, by area. Embassy REIT owns and operates a 51.2 msf portfolio of 14 office parks in India's best-performing office markets of Bengaluru, Mumbai, Pune, the National Capital Region ('NCR') and Chennai. Embassy REIT's portfolio comprises 40.4 msf completed operating area and is home to 274 of the world's leading companies. The portfolio also comprises strategic amenities, including four operational business hotels, two under‑construction hotels, and a 100 MW solar park supplying renewable energy to tenants. Embassy REIT's industry leading ESG program has received multiple accolades from renowned global institutions and was awarded a 5-star rating both from the British Safety Council and GRESB. Embassy REIT was included in the 2023 Dow Jones Sustainability Indices, making it the first REIT in India to be recognised for its sustainability initiatives by a leading global benchmark. For more information, please visit Disclaimer 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. 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. There can be no assurance that any potential opportunities will result in definitive transactions. This press release also contains certain financial measures (including guidance and proforma information) 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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Business Standard
31-07-2025
- Business
- Business Standard
Embassy REIT posts Rs 155 cr Q1 profit, appoints Amit Shetty as new CEO
India's largest REIT raised Rs 4,225 crore in Q1 to fund growth; posts 2 million sq ft in leasing and declares Rs 550 crore in distribution Mumbai Embassy Office Parks REIT, India's largest real estate investment trust by market capitalisation, reported a 13.1 per cent year-on-year (YoY) decline in net profit to ₹155.1 crore for the first quarter of FY2026. The decline was primarily attributed to a deferred tax expense of ₹121.2 crore related to the previous year. Revenue from operations rose 13.2 per cent YoY to ₹1,059.7 crore. However, sequentially, revenue dipped 2.4 per cent from ₹1,085.8 crore in the previous quarter. Leadership transition: Amit Shetty takes over as CEO As part of a leadership restructuring, Embassy REIT has appointed Amit Shetty as Chief Executive Officer effective August 1, 2025. Shetty previously served as Chief Operating Officer. Ritwik Bhattacharjee, the current CEO, will transition into the role of Senior Advisor. 'I am really pleased to lead Embassy REIT at such an exciting time for our business. Our business is in great shape with strong fundamentals and demand drivers, and the outlook for the Indian office has never been brighter,' said Shetty. Debt raised to fuel growth at favourable rates During the quarter, Embassy REIT raised ₹4,225 crore in debt at an average coupon of 7.18 per cent to support growth initiatives. This includes a ₹750 crore issuance of non-convertible debentures (NCDs) at a 6.97 per cent coupon—the lowest rate achieved by the REIT in four years. The REIT also leased 2.0 million square feet (msf) across 25 deals, a 9 per cent YoY increase. This comprised 1.0 msf of new leases, 0.36 msf of renewals, and approximately 0.67 msf of pre-leases. 'We are delighted to report a strong start to FY2026, with 2.0 msf of leasing this quarter and growing momentum in Chennai,' said Bhattacharjee. 'Our revenue grew 13 per cent YoY, and distributions grew by 4 per cent YoY, reflecting the continued strength of our portfolio.' Q1 distribution declared; GCCs drive portfolio resilience The Board declared a distribution of ₹550 crore or ₹5.80 per unit for Q1 FY2026. The record date for the distribution is August 5, 2025, with payments expected on or before August 12, 2025. REIT distributions comprise dividends, interest, debt amortisation, or a combination of these, and REITs are mandated to distribute 90 per cent of taxable income to unitholders. Chennai led the pre-leasing activity with over 500,000 square feet signed, including space taken by a global healthcare major. Bengaluru assets, which represent 75 per cent of Embassy REIT's Gross Asset Value, maintained over 90 per cent occupancy. Ten out of 14 properties have above 90 per cent occupancy, and six are fully occupied. Global Capability Centers (GCCs) remain the key demand driver, contributing 64 per cent of rentals. Capital recycling and new development opportunities The REIT also received an invitation to offer from Embassy Developments Limited for a potential 3.3 msf commercial project in Whitefield, Bengaluru. This proposal is under evaluation in line with governance norms. Embassy REIT's active development pipeline spans 6.1 msf across Bengaluru and Chennai, with 60 per cent already pre-leased—signalling robust forward demand. The company announced its Q1 FY2026 results after market hours on Thursday. Shares closed at ₹395.51 on the BSE, down 0.50 per cent.
