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

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

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

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

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/

Bruno: 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

This podcast was produced by dustpod.io

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.