Havenstone Stack

About Havenstone Stack

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.

Publisher

Havenstone Capital

Category

business · business

Language

en

Explicit

No

First episode

25 Nov 2025

Latest episode

28 Sept 2026

Latest episodes

11 episodes in the feed.

1. 

   28 Sept 2026

   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

2. 

   14 Sept 2026

   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 focus Mispriced PBSA markets across Europe Sponsor view versus debt lender's view Operational focus attracts equity capital The 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-56332b18 Website: 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

3. 

   31 Aug 2026

   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 volatility De-globalisation drives strategic regional autonomy Cash flow resilience leads U-shaped recovery Real estate debt offers better collateral Focus 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-48a43620 Website: 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

4. 

   6 May 2026

   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

5. 

   13 Apr 2026

   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 recovery Core buyers as the exit base case Affordable housing drives strongest demand Seller pricing is today's competitor Exit 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

6. 

   23 Mar 2026

   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/ (https://www.linkedin.com/in/apd1984/) Bruno: https://www.linkedin.com/in/bruno-a-f-silva/ (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 (http://havenstonecapital.com/) This podcast was produced by dustpod.io (http://dustpod.io/)

7. 

   16 Feb 2026

   Urban Logistics: Long-Term Asset - Christian Jamison

   The 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 ABOUT Defensive 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 DETAILS Christian 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 platform Christian’s Contact Details: Company Website: valorrep.com Linkedin: inkedin.com/in/christian-jamison-266b791 QUOTES One 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 Jamison KEYWORDS: #LastMileLogistics #UrbanRealEstate #PrivateEquity #RealEstateInvestment #ValorRealEstate 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

8. 

   2 Feb 2026

   Solving Mid-Market Finance Gap - Itamar Volkov

   European 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 ABOUT Structural change driving lending growth Risk differences: Spain versus Germany Underwriting must prioritise capital protection Underserved €10-100m mid-market Career advice: You must own it GUEST DETAILS Itamar 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/ QUOTES Our principle is always about capital protection first. - Itamar Volkov Don'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 #DealUnderwriting 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

9. 

   19 Jan 2026

   EQT Real Estate - Tom Livelli

   The 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 ABOUT Institutional shift in European living EQT's local with locals investment The 'missing middle' renter strategy Underwriting real estate exits today Career advice on depth and operations GUEST DETAILS Tom 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.com Linkedin Profile: https://www.linkedin.com/in/livelli/ QUOTES I 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 Livelli So 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 Livelli Housing, of course, it's essential right, demand for housing doesn't just evaporate in a downturn. - Tom Livelli KEYWORDS European Real Estate, housing shortage, institutional interest, living strategies, affordability challenges, demographic drivers, build to rent, resilient income, middle income renters 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

10. 

    19 Jan 2026

    Introducing the Havenstone Stack

    The 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 ABOUT The structural shift to private debt markets Why 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 assets GUEST DETAILS Antonio 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/ (https://www.linkedin.com/in/apd1984/) Bruno: https://www.linkedin.com/in/bruno-a-f-silva/ (https://www.linkedin.com/in/bruno-a-f-silva/) QUOTES Nothing is business as usual. There's no longer business as usual. Everybody, basically is scrambling to find a new normal. - Antonio Dias We saw this structural change in the Pan European real estate market where private debt started yielding returns in between the eight to 12%. - Bruno Silva There 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 Dias Nobody wants to be caught in the way of a falling knife, as values or appraisals were correcting across Europe. - Bruno Silva Banks 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 Silva KEYWORDS #EuropeanRealEstate #PrivateDebt #CapitalStack #InvestmentBanking #CommercialFinance 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 (http://havenstonecapital.com/) This podcast was produced by dustpod.io (https://www.dustpod.io/)

11. 

    25 Nov 2025

    Trailer

    Most 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.

Contact Havenstone Stack

Guest appearances

Books guests

Based on episode analysis; this does not confirm that the show is currently accepting guests.