Sid Yog

Senior Lecturer of Business Administration

Sid Yog is a member of the finance unit at Harvard Business School and teaches courses on Real Property Asset Management and Investing in Emerging Markets.

Mr. Yog is also the Founder of The Xander Group Inc., an investment firm that currently manages ~ US$ 2.1 Billion of equity, and invests in companies and assets in the real estate, retail and entertainment, infrastructure and hospitality sectors. In the last decade, Xander has acquired and/or developed over 66 Million sqft of real estate including all major asset classes.  Mr. Yog has chaired the firm’s investment committee since inception.

In 2007, he founded, and currently serves as Chairman of Virtuous Retail, a Shopping Center company that has a development/operating portfolio of ~ 5 MM sqft of community focused retail space across major Indian cities. He is also the co-founder in 2010 of Xander Finance, one of the largest, foreign owned, licensed non-bank finance companies in India that specializes in asset backed, senior-secured real estate, infrastructure and corporate loans.

Mr. Yog has been involved in global real estate and infrastructure for over 20 years. From 1999 to 2002 he was based in Singapore and Hong Kong as Founder Director of CBREs Asia/Pacific strategic consulting practice. Earlier from 1995 to 1999, he helped set up CBREs India operations and led the consulting, valuation and research groups. During these years, he was responsible for structuring and implementing some of the largest public-private partnerships, privatization programs, and corporate master plans in Asian real estate. Mr. Yog has also worked at Bain & Company in New York, Deutsche Bank Real Estate Investment Management GmbH in Frankfurt and Feedback Ventures in New Delhi.

He received an MBA from the Harvard Business School with highest distinction and was elected a George F Baker Scholar. He was also elected President of his Harvard Business School Class. Earlier he earned an Honors degree in Economics from the University of Delhi and was elected head of the Students Union.

Mr. Yog is a member of the President’s Global Advisory Council and the Committee on University Resources at Harvard University. Previously, he has served on the Board of Directors of the Harvard Business School Alumni Association and on the International Advisory Board of the Real Estate Academic Initiative at Harvard University.  He is a member of The Royal Institution of Chartered Surveyors, Co-founder, Trustee and Member of the Governing body of the liberal arts focused Ashoka University in India, Trustee at the A.R.T. - The American Repertory Theater in Cambridge, MA, and Chair of Yuj Kutumb, the Yog Family Foundation. 

Cases and Teaching Materials

  1. The Redevelopment of Palazzo Tornabuoni (B)

    Sid Yog, Arthur I Segel and Ricardo Andrade

    On December 16, 2010, Byrne Murphy received a call from his Italian partner at Fingen Group. The recently renovated Palazzo Tornabuoni, an iconic 15th century palace in the heart of Florence, Italy, had been seized by the local police. While Murphy tries to understand the reasons behind the seizure and figures out a strategy to accommodate guests flying in for holidays, he wonders if he and partners have chosen the right redevelopment option for the palace.

    Keywords: Palazzo Tornabuoni; Private Residence Club; Florence; Italy; Timeshare; Fractional Ownership; Property; Real Estate Industry; Italy; Europe;

    Citation:

    Yog, Sid, Arthur I Segel, and Ricardo Andrade. "The Redevelopment of Palazzo Tornabuoni (B)." Harvard Business School Case 216-070, June 2016. View Details
  2. The Redevelopment of Palazzo Tornabuoni (A)

    Sid Yog, Arthur I Segel and Ricardo Andrade

    In the spring of 2004, Byrne Murphy and his partners at Fingen Group discussed options to redevelop Palazzo Tornabuoni, an iconic 15th century palace in the heart of Florence, Italy. The possibilities included turning the upper floors into office space, hotel rooms, condominiums, or a private residence club, a new concept that was quickly gaining popularity in the U.S. but still largely untested in Europe. While they factored the economics and the risks involved in each of the options, they wondered which would preserve the property's historical heritage and still deliver attractive returns.

    Keywords: Palazzo Tornabuoni; Private Residence Club; Florence; Italy; Timeshare; Fractional Ownership; Property; Real Estate Industry; Italy; Europe;

    Citation:

    Yog, Sid, Arthur I Segel, and Ricardo Andrade. "The Redevelopment of Palazzo Tornabuoni (A)." Harvard Business School Case 216-069, June 2016. View Details
  3. Emaar: The Center of Tomorrow, Today

    Sid Yog, Esel Cekin and Marc Homsy

    Starting in 1997, Mohammad Alabbar, Chairman of Emaar, has been largely associated with Dubai's most renowned real estate projects: the world's tallest building, largest mall and biggest fountain show. Emaar's pioneering success attracted a large number of private sector entrepreneurs as well as the Government of Dubai to follow in its footsteps. Consequently, land at prime locations in Dubai was not as readily available as it used to be. Emaar tried to venture outside of Dubai, but later faced challenges in choosing the right partners and maintaining control over management. Being 'stuck' between an overcrowded competitive landscape in Dubai and challenging conditions abroad, Alabbar wondered how he could maintain his company's growth while staying prepared for any upcoming financial downturn. He also reflected on the benefits and challenges of being a public real estate developer.

    Keywords: Middle East; United Arab Emirates; Egypt; Dubai; real estate; finance; Emaar; Public Real Estate Company; Market Entry and Exit; Competitive Strategy; Financial Condition; Entrepreneurship; Global Strategy; Real Estate Industry; Dubai;

    Citation:

    Yog, Sid, Esel Cekin, and Marc Homsy. "Emaar: The Center of Tomorrow, Today." Harvard Business School Teaching Plan 216-064, March 2016. View Details
  4. Emaar: The Center of Tomorrow, Today

    Sid Yog, Esel Cekin and Marc Homsy

    Starting in 1997, Mohammad Alabbar, Chairman of Emaar, has been largely associated with Dubai's most renowned real estate projects: the world's tallest building, largest mall and biggest fountain show. Emaar's pioneering success attracted a large number of private sector entrepreneurs as well as the Government of Dubai to follow in its footsteps. Consequently, land at prime locations in Dubai was not as readily available as it used to be. Emaar tried to venture outside of Dubai, but later faced challenges in choosing the right partners and maintaining control over management. Being 'stuck' between an overcrowded competitive landscape in Dubai and challenging conditions abroad, Alabbar wondered how he could maintain his company's growth while staying prepared for any upcoming financial downturn.

    Keywords: Middle East; Market Entry and Exit; Competitive Strategy; Entrepreneurship; Global Strategy; Real Estate Industry; Middle East; Dubai;

    Citation:

    Yog, Sid, Esel Cekin, and Marc Homsy. "Emaar: The Center of Tomorrow, Today." Harvard Business School Case 216-051, March 2016. View Details
  5. The Road to Kolkata: NH-34 and PPP in India

    Sid Yog and Ben Eppler

    It is May 2014 and construction of road NH-34 has been fraught with difficulties, but HCON CEO Arjun Dhawan can see the light at the end of the tunnel. Land acquisition is finally nearing completion throughout the entire stretch, and one parcel is almost ready to begin tolling and generating revenue. HCON has been approached with three offers to sell the road. Which should he take?
    This case is designed to introduce students to public-private partnerships (PPPs) in the emerging market context. It does so by highlighting a particular highway construction project and depicting it from the perspective of a private developer.

    Keywords: Private Ownership; Partners and Partnerships; Construction; Emerging Markets; Infrastructure; Public Ownership; Construction Industry; India;

    Citation:

    Yog, Sid, and Ben Eppler. "The Road to Kolkata: NH-34 and PPP in India." Harvard Business School Teaching Note 216-065, May 2016. View Details
  6. The Road to Kolkata: NH-34 and PPP in India

    Sid Yog and Ben Eppler

    In 2014, Arjun Dhawan (MBA 2004), President of HCC Concessions, is working toward the completion of his largest road development project yet. The route, a 250-km stretch leading from the critical eastern Indian port of Kolkata into the interior of the province of West Bengal, is a prime example of both the benefits and the drawbacks of Public-Private Partnerships in the Indian transportation sector. Despite delays and political pressure, HCC Concessions has nearly finished building the road, and now is receiving offers to purchase the project's equity.

    Keywords: india; real estate; infrastructure; roads; transportation; finance; project finance; Property; Infrastructure; Finance; Construction Industry; Financial Services Industry; India;

    Citation:

    Yog, Sid, and Ben Eppler. "The Road to Kolkata: NH-34 and PPP in India." Harvard Business School Case 215-007, September 2014. (Revised May 2016.) View Details
  7. Rick's Dilemma

    Arthur I. Segel, Charles F. Wu, Siddharth Yog and Ben Eppler

    In 2014, Rick is serving as a trustee for a large family trust whose principle asset is a plot of prime real estate in the Upper East Side of Manhattan. The land is currently subject to a ground lease which pays $4.6 million annually, with resets every 20 years at 4.5% of the appraised value of the land. The next reset is in 2022, and in the meantime Rick must make a decision on whether it might be better for the trust's beneficiaries to sell the land early. If so, what price should he seek?

    Keywords: finance; real estate; New York Property; Appraisal Methods; valuation methodologies; Property; Finance; Real Estate Industry; New York (city, NY); United States;

    Citation:

    Segel, Arthur I., Charles F. Wu, Siddharth Yog, and Ben Eppler. "Rick's Dilemma." Harvard Business School Case 215-006, August 2014. (Revised November 2015.) View Details