Havenstone Stack

Havenstone Capital
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Most finance podcasts cover US markets. We give you Europe. Hosts António Dias and Bruno Silva bring you direct access to the senior investors, lenders, and developers making billion-euro decisions in real estate across Europe—from Madrid to Warsaw, Milan to the Nordics. Europe isn’t one market — it’s a bundle of different jurisdictions and capital dynamics. Each country carries its own risk profile, structural constraints, and liquidity cycle. We examine how institutional players navigate this fragmentation: where private debt is gaining ground, why some asset classes are under pressure while others return to favour, and how the capital stack is being rewritten in real time. No fluff. Just experienced deal-makers discussing what's working, what's failing, and what's next.

  1. 2h ago

    European PBSA Investment Strategy

    The institutionalisation of Purpose-Built Student Accommodation (PBSA) in Europe presents both opportunity and complexity, requiring sophisticated operational strategies and a long-term view to navigate diverse, rapidly evolving markets. With core capital currently scarce, investors must rethink exit strategies and avoid common value traps in development and short-term rent projections. This episode explores the DNA of a global operator, the hybrid model of building and buying PBSA platforms across Europe, and the crucial lessons learned from managing assets through a market cycle, including the challenges posed by the pandemic. The conversation drills down on asset bifurcation, underwriting assumptions, and the importance of local teams and systems in driving consistent value. António Dias is joined by Pedro Sousa from Brookfield Asset Management, an expert on the European PBSA market who has been a key player in fundamentally shaping how large-scale student housing portfolios are created and managed. THINGS WE SPOKE ABOUT Brookfield’s operator-led investment DNAHybrid PBSA platform growth strategyNavigating PBSA development risk trapsImportance of local teams and systemsExiting in the current market environment GUEST DETAILS Pedro Sousa is Senior Vice President, Real Estate Investments at Brookfield Asset Management, where he oversees Brookfield’s European transactions in student housing and living platforms, totalling around 50,000 beds. He has led major PBSA and residential acquisitions across Europe and is recognised as one of the key voices in institutionalising the sector across Europe. Pedro’s Public Contact Details: Company Website: https://bam.brookfield.com/Linkedin Profile: https://www.linkedin.com/in/correiasousa/ QUOTES We believe there is value in integrate and in vertical structures, where you are the capital, but you also have the know-how up to the nitty gritty of the operation. - Pedro Sousa If you are starting a platform, you need to invest in systems and in teams. You should, it is an investment, not a cost. - Pedro Sousa KEYWORDS #PBSA #StudentHousing #EuropeanRealEstate #BrookfieldAM #RealEstateInvesting MORE INFORMATION Havenstone Capital is a Real Estate Investment and Asset Management firm with a pan-European focus. Leveraging on the team’s extensive experience on both the Equity and Debt markets, Havenstone Capital is dedicated to managing investments across the entire investment cycle in the real estate market by managing and funding real estate projects in various asset classes. Visit our website;  havenstonecapital.com This podcast was produced by dustpod.io

    European PBSA Investment Strategy

  2. Oct 19

    Expo Real 2026 Insights on European Real Estate

    European real estate investors face persistent market friction from elevated capital costs and compressed yields following Expo Real 2026. Achieving sustainable returns requires moving away from passive yield compression towards active value creation across property assets. This discussion explores how debt and equity financing structures adapt to evolving market baselines across major European regions, building directly on key takeaways from Expo Real 2026. Key topics include shifting lender appetites, regional market divergence, and strategies for closing valuation gaps between operating partners and institutional investors. Bruno Silva, Partner at Havenstone Capital, joins the platform to share first-hand observations from Expo Real 2026 in Munich. Bringing extensive expertise across equity and debt markets, he provides actionable perspectives on navigating current transaction dynamics. THINGS WE SPOKE ABOUT Expo Real 2026 sentiment and shifting European capital baselines.Asset class performance across living, logistics, and data centres.Closing return expectation gaps between operators and institutional LPs.Emerging credit opportunities and alternative lender sector appetites.Regional market analysis across Germany, Italy, Poland, and Spain. GUEST DETAILS Bruno Silva is a Partner at Havenstone Capital with extensive experience across European debt and equity markets. He specialises in real estate investment management, structured finance solutions, and portfolio underwriting across diverse property asset classes. QUOTES Investors are starting to get used to the new baseline, meaning higher capital costs, which trickles down to more soft cap rates and driving value through active asset management. - Bruno Silva There's still a mismatch between operating partners and their backing capital in the LPUs or the institutionals. - Bruno Silva There is clearly a shift in the alternative lenders for yields in this particular case. - António Dias KEYWORDS  #ExpoReal2026#RealEstateTrends#MarketInsights#EuropeanRealEstateCapitalMarkets#ActiveAssetManagementStrategies

    Expo Real 2026 Insights on European Real Estate

  3. Sep 28

    Jamestown's Real Estate Alpha Strategy

    The complexity and uncertainty of large-scale European real estate repositioning require a unique investment philosophy that traditional underwriting often fails to capture. Successful deal makers must define their alpha by embracing vertically integrated operations and cultural nuances across diverse markets. In this episode, António Dias and Philipp Braunfels discuss how to assess risks in placemaking, the challenge of securing capital for major capital expenditure projects, and why hyper-local execution is essential to transforming underutilized assets into vibrant mixed-use destinations. Our guest is Philipp Braunfels, Managing Director and Co-Head of Europe at Jamestown. He is responsible for overseeing Jamestown’s European investment platform, having been instrumental in establishing and scaling the firm’s presence across the continent. THINGS WE SPOKE ABOUT  - Jamestown's vertically integrated placemaking philosophy. - Scaling US repositioning strategy in Europe. - Cultural differences impact European vertical integration. - Underwriting value through 'placemaking special sauce'. - The essential financial discipline of deal making, GUEST DETAILS Philipp Braunfels is Managing Director and Co-Head of Europe at Jamestown. He is responsible for overseeing the firm’s European investment platform, including acquisitions, asset management, and strategic expansion across the region. He has been instrumental in scaling Jamestown’s European presence, has experience spanning Germany, the United States, and Latin America, and focuses on complex repositioning opportunities and urban mixed-use environments Website: https://www.jamestownlp.com QUOTES What makes a commercial asset really, truly unique in the way we approach this is the atmosphere of the place and the experience you get when you spend time at that place. - Philipp Braunfels Real estate, in the end, is a hyper local business. It's being boots on the ground, and it's a people's business. - Philipp Braunfels The most important thing is to execute financial discipline and stick to your rules. - Philipp Braunfels   MORE INFORMATION Havenstone Capital is a Real Estate Investment and Asset Management firm with a pan-European focus. Leveraging on the team’s extensive experience on both the Equity and Debt markets, Havenstone Capital is dedicated to managing investments across the entire investment cycle in the real estate market by managing and funding real estate projects in various asset classes. Visit our website;  havenstonecapital.com This podcast was produced by dustpod.io KEYWORDS  #Placemaking #RealEstateInvestment #EuropeanRealEstate #VerticalIntegration #AssetRepositioning

    Jamestown's Real Estate Alpha Strategy

  4. Sep 14

    Student Housing Alpha

    The fragmentation of European real estate is creating significant pricing mismatches and complex arbitrage opportunities in the Purpose-Built Student Accommodation (PBSA) sector. The conversation today dives into where capital should be deployed across markets like Germany and Italy, how operational expertise is reshaping lender appetite, and the new institutional requirements defining large portfolio transactions.  We also discuss the key lessons on deal-making discipline and the career mindset required to succeed. We recently sat down with John Jacobs, Global Head of Capital Markets at GSA. John brings over 35 years of PBSA history, having been at the heart of GSA’s global scaling to circa €8 billion in assets under management across 11 countries. THINGS WE SPOKE ABOUT GSA's global PBSA specialist focusMispriced PBSA markets across EuropeSponsor view versus debt lender's viewOperational focus attracts equity capitalThe discipline of walking away from deals GUEST DETAILS John Jacobs is the Global Head of Capital Markets at GSA. He has been instrumental in scaling the GSA platform across multiple geographies, helping it grow to circa €8 billion of assets in management.  John draws on a long career in banking and investment to bring a strong perspective on capital allocation and risk underwriting in the specialist PBSA sector. Contact John: Linkedin: linkedin.com/in/john-jacobs-56332b18Website: gsagroup.com QUOTES Our view is, look, we've always been specialists in our sector, and we're very happy being in that space. - John Jacobs What is the doomsday scenario? What is the absolute worst thing that can happen, and what would my exit strategy be? So, you've always got to think about from their perspective. - John Jacobs If you don't have an understanding and or passion for this, then it's probably not for you. -  John Jacobs KEYWORDS #PBSAInvestment #StudentHousing #EuropeanRealEstate #CapitalMarkets #AssetManagement MORE INFORMATION Havenstone Capital is a Real Estate Investment and Asset Management firm with a pan-European focus. Leveraging on the team’s extensive experience on both the Equity and Debt markets, Havenstone Capital is dedicated to managing investments across the entire investment cycle in the real estate market by managing and funding real estate projects in various asset classes. Visit our website;  havenstonecapital.com This podcast was produced by dustpod.io

    Student Housing Alpha

  5. Aug 31

    Europe’s Cash Flow Led Recovery

    For decades, real estate investors benefited from constantly falling interest rates and predictable cycles, a world that has structurally ended. Today’s environment is marked by de-globalisation, constant volatility, and high-pressure economics, requiring a radical shift in how capital is invested. This episode dives into designing resilient portfolios, navigating Europe’s cash-flow-led recovery, and understanding the vital role of capital formation. We explore the strategic adjacencies of real estate, like digital infrastructure and affordable housing, and the permanent rise of real estate private debt. We are joined by Simon Martin, Senior Partner, Chief Investment Strategist and Head of Research at Tristan Capital Partners. Simon is one of the most widely followed voices on European real estate strategy, connecting the big macro picture with practical capital allocation. THINGS WE SPOKE ABOUT Cycles less important due to volatilityDe-globalisation drives strategic regional autonomyCash flow resilience leads U-shaped recoveryReal estate debt offers better collateralFocus on the exit first, not buying GUEST DETAILS Simon Martin is a Senior Partner, Chief Investment Strategist and Head of Research at Tristan Capital Partners. He is known for connecting macro trends with practical investment strategy, advising on how to allocate capital in high-volatility environments, and having deep expertise in European real estate debt.Contact Simon: Linkedin: linkedin.com/in/simon-martin-48a43620Website: tristancap.com  QUOTES We have to figure out a strategy that allows us to make money through other means, than just through the kind of favourable tailwind of reducing interest rates... - Simon Martin What does the future look like? I think it looks more like a world where we have to think about regional economic specialisation... - Simon Martin If you can't accurately describe what you will be selling and who you will be selling it to, then you don't really have an investment strategy." - Simon Martin KEYWORDS #RealEstateInvestment #EuropeanCapital #PrivateCredit #PortfolioStrategy #DigitalInfrastructure  MORE INFORMATION Havenstone Capital is a Real Estate Investment and Asset Management firm with a pan-European focus. Leveraging on the team’s extensive experience on both the Equity and Debt markets, Havenstone Capital is dedicated to managing investments across the entire investment cycle in the real estate market by managing and funding real estate projects in various asset classes. Visit our website;  havenstonecapital.com This podcast was produced by dustpod.io

    Europe’s Cash Flow Led Recovery

  6. May 6

    PBSA Shifts to Broader Living

    The era of traditional residential investment is expanding, creating a gap for alternate living accommodation that demands intense operational efficiency. For investors seeking value in this niche, understanding the shift from pure PBSA platforms to vertically integrated living concepts is critical. This episode dives into how to create value for capital providers through operational intensiveness, strategic capital allocation across European cities, and managing the trade-offs between development and acquisition in today’s environment.  Gawain Smart also shares invaluable lessons on underwriting complex deals and the enduring importance of trust in deal-making. We welcome Gawain Smart, CEO of International Campus Group, one of Europe's leading vertically integrated living platforms. Gawain combines a deep background in law, investment, and real estate, bringing a strong institutional perspective on scaling platforms and navigating diverse market cycles. THINGS WE SPOKE ABOUT Alternate living operational intensiveness.Capital allocation in secondary university cities.Market segmentation and amenity driven branding.Dichotomy of building versus buying assets.Trust is critical to complex deal success. GUEST DETAILS Gawain Smart is the CEO of International Campus Group, one of Europe’s leading vertically integrated living platforms, focused on purpose-built student accommodation and broader residential concepts.  Under his leadership, the group has expanded its presence across key European markets, operating through flagship brands such as THE FIZZ and HAVENS. With a background spanning law, investment, and real estate, Gawain brings a strong institutional perspective to platform scaling, capital allocation, and the evolution of living as an asset class. Contact Gawain:  https://ic-campus.com QUOTES If you build in the right location in that market, it's very attractive. - Gawain Smart I think that over time, you'll see more segmentation in the market, or sort of like how the hotel companies have done it.  - Gawain Smart Building these things properly,  with the right spec, the right price, is very critical, because if you don't, you know you're just creating headaches for yourself down the road. - Gawain Smart MORE INFORMATION Havenstone Capital is a Real Estate Investment and Asset Management firm with a pan-European focus. Leveraging on the team’s extensive experience on both the Equity and Debt markets, Havenstone Capital is dedicated to managing investments across the entire investment cycle in the real estate market by managing and funding real estate projects in various asset classes. Visit our website;  havenstonecapital.com This podcast was produced by dustpod.io KEYWORDS #AlternateLiving #PBSAInvestment #CapitalAllocation #DealComplexity #OperationalEfficiency

    PBSA Shifts to Broader Living

  7. Apr 13

    Navigating German Living Sector Volatility - Simon Koenig

    Navigating the significant repricing of the German real estate market requires strategic focus and disciplined execution.  It is punishing for those who get lost in detail without a clear thesis or who fail to execute on their vision. This episode dives into the current cycle, determining where the pockets of value lie in German living assets, and the critical importance of prioritizing exit liquidity in today's underwriting environment. We explore how German capital is behaving and the crucial lessons learned from building an integrated real estate platform through market volatility. We are joined by Simon Koenig, Founder and CEO of Lakeward, an independent Swiss real estate investment and asset management platform. With more than two decades of experience, Simon leads the firm with a value-add approach focused on housing and alternative living across German metropolitan markets. THINGS WE SPOKE ABOUT German real estate cycle: early recoveryCore buyers as the exit base caseAffordable housing drives strongest demandSeller pricing is today's competitorExit liquidity is a first-class risk GUEST DETAILS Simon Koenig is the Founder and CEO of Lakeward, an independent Swiss real estate investment and asset management platform. He possesses more than two decades of experience across real estate investment, development, and capital structuring. Simon led Lakeward through a full market cycle, focusing on a conviction-driven, value-add approach to residential and living strategies in German metropolitan markets. Simon’s Contact Details: Company Website: https://lakeward.ch/Linkedin: linkedin.com/in/simon-koenig-bb290435i QUOTES Focus on the big picture, and once that direction is clear, then use deep detail to navigate the execution. - Simon Koenig The real filter for us is more where do we have the best exit liquidity? -  Simon Koenig I think the exit market will mostly be a core asset, and if you miss that, you drive a more risky part. - Simon Koenig KEYWORDS: #GermanRealEstate #LivingAssets #RealEstateCycles #ExitLiquidity #ValueAddInvesting MORE INFORMATION Havenstone Capital is a Real Estate Investment and Asset Management firm with a pan-European focus. Leveraging on the team’s extensive experience on both the Equity and Debt markets, Havenstone Capital is dedicated to managing investments across the entire investment cycle in the real estate market by managing and funding real estate projects in various asset classes. Visit our website;  havenstonecapital.com This podcast was produced by dustpod.io

    Navigating German Living Sector Volatility - Simon Koenig

  8. Mar 23

    MIPIM 2026 Mood and Money

    The European real estate market faces constant shockwaves from geopolitical tensions and economic instability, creating a challenging environment for deal-making. Navigating this period of persistent uncertainty requires a disciplined, proactive mindset and a clear understanding of where capital is flowing. This episode reflects on the key themes from MIPIM 2026, including the direct impact of the Iran crisis on capital access and costs, the clear 'flight to quality' among investors, and the unexpected strength in private credit. We break down the hottest sectors attracting liquidity, from the broad 'living' strategies like PBSA in Italy and Poland, to the hyper-specialisation in logistics, and the cautious return of development interest in prime offices. Joining us are Havenstone Capital partners, António Dias and Bruno Silva. António combines a Private Equity background with deep investment banking expertise, while Bruno brings 17 years of technical experience as a structural engineer and real estate developer. Together, they specialise in bridging funding gaps across the capital stack. THINGS WE SPOKE ABOUT MIPIM attendance seems lower this year due to geopolitics.Iran conflict increases energy costs which ultimately may impact inflation, interests and construction costs.Investors show a disciplined flight to quality.Living strategies are attracting capital.Logistics demands micro-location specialisation. GUEST DETAILS Antonio Dias and Bruno Silva are the partners behind Havenstone Capital, a pan-European investment advisory firm. Antonio combines a Private Equity background with deep investment banking expertise, while Bruno brings 17 years of technical experience as a structural engineer and real estate developer. Together, they specialise in bridging funding gaps across the capital stack, covering markets from Portugal to Eastern Europe. Antonio: https://www.linkedin.com/in/apd1984/ Bruno: https://www.linkedin.com/in/bruno-a-f-silva/ QUOTES I wouldn't say worried is the right word. I think cautious is more of an accurate word. - Bruno Silva There's a lot of capital continuously to flowing into Real Estate private credit, more so now than before. - António Dias If the deal exists, it is to be made and needs to be made fast. - Bruno Silva The market is becoming used to operate under this type of uncertainty, and it feels like everybody really is tired of waiting. - António Dias KEYWORDS #EuropeanRealEstate #MIPIM2026 #PrivateCredit #LivingStrategies #GeopoliticalRisk MORE INFORMATION Havenstone Capital is a Real Estate Investment Advisory firm with a pan-European focus. Leveraging on the team’s extensive experience on both the Equity and Debt markets, Havenstone Capital is dedicated to managing investments across the entire investment cycle in the real estate market by managing and funding real estate projects in various asset classes. Visit our website;  havenstonecapital.com This podcast was produced by dustpod.io

    MIPIM 2026 Mood and Money
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About

Most finance podcasts cover US markets. We give you Europe. Hosts António Dias and Bruno Silva bring you direct access to the senior investors, lenders, and developers making billion-euro decisions in real estate across Europe—from Madrid to Warsaw, Milan to the Nordics. Europe isn’t one market — it’s a bundle of different jurisdictions and capital dynamics. Each country carries its own risk profile, structural constraints, and liquidity cycle. We examine how institutional players navigate this fragmentation: where private debt is gaining ground, why some asset classes are under pressure while others return to favour, and how the capital stack is being rewritten in real time. No fluff. Just experienced deal-makers discussing what's working, what's failing, and what's next.

Information

  • Creator
    Havenstone Capital
  • Years Active
    2025 - 2026
  • Episodes
    13
  • Rating
    Clean
  • Copyright
    © Havenstone Capital
  • Show Website
    Havenstone Stack

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