MIPIM 2026 Mood and Money

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

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

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/]

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

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