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