Xander Market Research: Building the Acquisition Evaluation Framework

Arjan was responsible for the initial market research that fed Xander's acquisition pipeline for a new fund. The mandate was to identify Grade A, fully constructed, and fully leased industrial parks across India that met the fund's investment criteria.

He built the evaluation framework from the ground up. The process ran in stages: first, a state-level supply and demand analysis using CRE Matrix and industry reports, presented to the board to shortlist target geographies. Once states were approved, he filtered for Grade A assets within those markets, then assessed each asset on location feasibility, CapEx quality, equipment standards, dock levelers, fire safety certifications, and lease structure.

Early in the process, he identified two gaps in his analysis. Third-party rent benchmarks from JLL and CBRE frequently diverged from actual market rates in thin broker markets. And location feasibility on paper did not always reflect physical access realities, such as narrow approach roads that heavy vehicles could not navigate. He addressed both by building a direct broker network and incorporating field visits and tenant conversations into the process.

He also added a sustainability layer to the framework, assessing green certifications, solar installations, rainwater harvesting, and energy-efficient systems, reflecting growing demand from both investors and logistics tenants.

The research proposals he prepared were the basis on which the senior team developed financial models and made acquisition decisions.