Podcast
Havenstone Stack
Hosted by Havenstone Capital · EN
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.
8episodes
Episodes
Newest firstAll episodes
PBSA Shifts to Broader Living
May 600:36:50Tap to summarizeThe 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 ABOUTAlternate 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 DETAILSGawain 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.comQUOTESIf you build in the right location in that market, it's very attractive. - Gawain SmartI think that over time, you'll see more segmentation in the market, or sort of like how the hotel companies have done it. - Gawain SmartBuilding 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 SmartMORE INFORMATIONHavenstone 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.comThis podcast was produced by dustpod.ioKEYWORDS #AlternateLiving #PBSAInvestment #CapitalAllocation #DealComplexity #OperationalEfficiency
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Navigating German Living Sector Volatility - Simon Koenig
Apr 1300:22:56Tap to summarizeNavigating 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 ABOUTGerman 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 riskGUEST DETAILSSimon 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-bb290435iQUOTESFocus on the big picture, and once that direction is clear, then use deep detail to navigate the execution. - Simon KoenigThe real filter for us is more where do we have the best exit liquidity? - Simon KoenigI think the exit market will mostly be a core asset, and if you miss that, you drive a more risky part. - Simon KoenigKEYWORDS: #GermanRealEstate #LivingAssets #RealEstateCycles #ExitLiquidity #ValueAddInvestingMORE INFORMATIONHavenstone 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.comThis podcast was produced by dustpod.io
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MIPIM 2026 Mood and Money
Mar 2300:27:47Tap to summarizeThe 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 ABOUTMIPIM 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 DETAILSAntonio 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/QUOTESI wouldn't say worried is the right word. I think cautious is more of an accurate word. - Bruno SilvaThere's a lot of capital continuously to flowing into Real Estate private credit, more so now than before. - António DiasIf the deal exists, it is to be made and needs to be made fast. - Bruno SilvaThe market is becoming used to operate under this type of uncertainty, and it feels like everybody really is tired of waiting. - António DiasKEYWORDS #EuropeanRealEstate #MIPIM2026 #PrivateCredit #LivingStrategies #GeopoliticalRiskMORE INFORMATIONHavenstone 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.comThis podcast was produced by dustpod.io
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Urban Logistics: Long-Term Asset - Christian Jamison
Feb 1600:41:32Tap to summarizeThe market for European real estate investment is constantly shifting, presenting unique challenges in capital allocation, especially within niche sectors like urban industrial assets.This episode explores how to build a scalable, specialist platform successfully in the face of economic turmoil by focusing on proprietary data, sub-market knowledge, and maintaining a clear investment conviction. We deep dive into last mile logistics, the drivers of rent growth, sourcing capital, and the critical importance of company culture.Host António Dias welcomes Christian Jamison, the Managing Partner and CEO of Valor Real Estate Partners. Christian has successfully scaled Valor into a Pan-European specialist investor, partnering with global institutional capital across the UK, France, Germany, and beyond.THINGS WE SPOKE ABOUTDefensive nature attracted Christian to logistics.Urban infill markets create rent growth.Trading discretion for fund-like economics works.Company culture is crucial for platform success.Don't underestimate old building capex issues.GUEST DETAILSChristian Jamison is the Managing Partner and CEO of Valor Real Estate Partners. Valor is one of Europe's leading platforms focused on urban and last mile logistics, deploying capital across the UK, France, Germany, and beyond. His achievements and main skills include: building Valor into a Pan-European specialist investor, maintaining strong conviction in the central investment thesis, and stressing the importance of culture in building a successful platformChristian’s Contact Details:Company Website: valorrep.com Linkedin: inkedin.com/in/christian-jamison-266b791QUOTESOne thing that hasn't changed is really our conviction in the investment strategy. We've stayed very true to the central investment thesis is state concert. - Christian Jamison Being smart in itself is not enough. I mean, actually, you need to have EQ - Christian Jamison If you're not a sector specialist, and you want to start a new venture, I think it's really hard to get traction with investors. - Christian JamisonKEYWORDS: #LastMileLogistics #UrbanRealEstate #PrivateEquity #RealEstateInvestment #ValorRealEstateMORE INFORMATIONHavenstone 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.comThis podcast was produced by dustpod.io
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Solving Mid-Market Finance Gap - Itamar Volkov
Feb 200:35:09Tap to summarizeEuropean real estate finance is undergoing a monumental structural shift, creating a significant funding gap for mid-market sponsors as traditional banks retreat from their historical dominance. This changing landscape presents both a challenge and a lucrative opportunity for agile alternative lenders.This episode of The Havenstone Stack delves into the forces driving this structural change, how to successfully underwrite risk in volatile markets across different geographies, and the immense potential within the underserved €10-100 million mid-market segment. We also explore the importance of capital protection, a disciplined approach, and a strong reputation for execution certainty.Our guest is Itamar Volkov, Founder and Managing Partner of Frux Capital, a platform that has been structuring complex financing solutions and shaping the next generation of alternative lending across Western Europe.THINGS WE SPOKE ABOUTStructural change driving lending growthRisk differences: Spain versus GermanyUnderwriting must prioritise capital protectionUnderserved €10-100m mid-marketCareer advice: You must own itGUEST DETAILSItamar Volkov is the Founder and Managing Partner of Frux Capital. Since establishing the firm in 2015, he has been instrumental in shaping the landscape of non-bank real estate finance in Iberia, positioning Frux as a reference point for sponsors seeking speed, structuring expertise, and certainty of execution. He oversees the firm’s investment strategy, underwriting philosophy, and geographic expansion across Europe.Itamar’s Public Contact Details:Company Website: https://www.fruxcapital.com/Linkedin Profile:https://www.linkedin.com/in/itamar-volkov-069221/QUOTESOur principle is always about capital protection first. - Itamar VolkovDon't ever believe that you can underwrite all the risk. - Itamar Volkov The biggest gap is with the mid market. And mid market today for us is anywhere from 10 to 100 million euros. - Itamar Volkov KEYWORDS#EuropeanPrivateCredit #RealEstateLending #FruxCapital #MidMarketFinance #DealUnderwritingMORE INFORMATIONHavenstone 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.comThis podcast was produced by dustpod.io
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EQT Real Estate - Tom Livelli
Jan 1900:42:33Tap to summarizeThe European living sector is undergoing a massive structural shift, moving from a niche allocation to an essential institutional asset class. Volatility is high, but the underlying fundamentals of demographic shifts and a vast housing shortage across Europe present a compelling opportunity. This episode explores the critical elements for success in this market and how to drive superior investment performance. António Dias and Tom discuss what is driving this structural change, EQT’s hands-on ‘local with locals’ investment DNA, and their back-to-basics 'missing middle' strategy. The conversation also details how to underwrite exits in the current volatile market and why an appreciation for operational expertise is the backbone of the living sector.Our guest is Tom Livelli, Partner and Head of Living Strategies at EQT Real Estate. Tom is a leading mind in European living strategies, overseeing the firm's built-to-rent residential and specialised living segments across the continent.THINGS WE SPOKE ABOUTInstitutional shift in European livingEQT's local with locals investmentThe 'missing middle' renter strategyUnderwriting real estate exits todayCareer advice on depth and operationsGUEST DETAILSTom Livelli is Head of Living Strategies at EQT Real Estate, where he leads the firm’s European living platform across build-to-rent, multifamily, student housing and specialised residential strategies. He is responsible for the development and execution of EQT’s pan-European living investment thesis, focusing on scalable platforms, operational excellence and long-term value creation. Tom also champions themes such as the "missing middle" and sustainable housing, positioning EQT as a leading investor in the living sector.Tom Public Contact Details:Company Website: https://www.eqtgroup.comLinkedin Profile: https://www.linkedin.com/in/livelli/QUOTESI think depth beats breadth, yeah, and so, and I think it's better to be focused and expert in something than to be spread thin across many things. - Tom LivelliSo in our world, fewer amenities. It can actually improve the investment performance, because it it first of all, it increases the number of opportunities that you can can access - Tom LivelliHousing, of course, it's essential right, demand for housing doesn't just evaporate in a downturn. - Tom LivelliKEYWORDSEuropean Real Estate, housing shortage, institutional interest, living strategies, affordability challenges, demographic drivers, build to rent, resilient income, middle income rentersMORE INFORMATIONHavenstone 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.comThis podcast was produced by dustpod.io
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Introducing the Havenstone Stack
Jan 1900:24:41Tap to summarizeThe era of predictable returns in European real estate is officially over. With volatility rising and core capital vanishing, investors and operators face a landscape where business as usual no longer applies. In this first episode of ‘Havenstone Stack’ we pull back the curtain on the current state of pan-European finance to uncover where the real opportunities lie.We explore the impact of the massive structural shift from equity to private debt that started back in 2023 and explain the challenges of underwriting deals at a moment where low cost of capital buyers may not be there to assure the exit. You will also hear why adopting a mindset of failing fast, cheap and often can be your greatest asset in deal-making.Your hosts are Antonio Dias and Bruno Silva, partners at Havenstone Capital. Bringing together backgrounds in law, engineering, finance, investment banking and both private equity and private debt, they offer a unique, quantitative perspective on the entire capital stack across Europe.THINGS WE SPOKE ABOUTThe structural shift to private debt marketsWhy equity capital markets remain sluggish Adopting a fail fast, fail cheap mindset Current trends in Living versus Office sectors The resurgence of retail and hospitality assetsGUEST DETAILSAntonio Dias and Bruno Silva are the partners behind Havenstone Capital, a pan-European investment advisory firm. Antonio combines a legal and finance backgrounds with deep investment banking and investment 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/QUOTESNothing is business as usual. There's no longer business as usual. Everybody, basically is scrambling to find a new normal. - Antonio DiasWe saw this structural change in the Pan European real estate market where private debt started yielding returns in between the eight to 12%. - Bruno SilvaThere is a culture [at Havenstone] of [...] fail fast, fail cheap, fail often. You only learn, or you learn mostly from setbacks and from failing. You don't really learn a lot from success. - Antonio DiasNobody wants to be caught in the way of a falling knife, as values or appraisals were correcting across Europe. - Bruno SilvaBanks are not as fast as an alternative lender, and what we see is private debt... in this more sexy, so to speak, asset classes. - Bruno SilvaKEYWORDS#EuropeanRealEstate #PrivateDebt #CapitalStack #InvestmentBanking #CommercialFinanceMORE INFORMATIONHavenstone 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.comThis podcast was produced by dustpod.io
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Trailer
Nov 2500:01:32Tap to summarizeMost financial podcasts focus on American markets. But what about the investment decisions being made across Madrid, Milan, Warsaw, and beyond? Europe is not a single market/ It's a complex web of regulations, cultures, and capital flows. António Dias has spent his career arranging debt and equity across Europe. Now, he's bringing you inside conversations with the people making billion-dollar decisions across the continent.Real conversations. Real insights. Real Europe. Join us for the Havenstone Stack, coming soon to Apple, Spotify, YouTube or wherever you get your podcasts.
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