Havenstone Stack

The institutionalisation of Purpose-Built Student Accommodation (PBSA) in Europe presents both opportunity and complexity, requiring sophisticated operational strategies and a long-term view to navigate diverse, rapidly evolving markets. With core capital currently scarce, investors must rethink exit strategies and avoid common value traps in development and short-term rent projections.
This episode explores the DNA of a global operator, the hybrid model of building and buying PBSA platforms across Europe, and the crucial lessons learned from managing assets through a market cycle, including the challenges posed by the pandemic. The conversation drills down on asset bifurcation, underwriting assumptions, and the importance of local teams and systems in driving consistent value.
António Dias is joined by Pedro Sousa from Brookfield Asset Management, an expert on the European PBSA market who has been a key player in fundamentally shaping how large-scale student housing portfolios are created and managed.
THINGS WE SPOKE ABOUT
Brookfield’s operator-led investment DNA
Hybrid PBSA platform growth strategy
Navigating PBSA development risk traps
Importance of local teams and systems
Exiting in the current market environment
GUEST DETAILS
Pedro Sousa is Senior Vice President, Real Estate Investments at Brookfield Asset Management, where he oversees Brookfield’s European transactions in student housing and living platforms, totalling around 50,000 beds. 
He has led major PBSA and residential acquisitions across Europe and is recognised as one of the key voices in institutionalising the sector across Europe.
Pedro’s Public Contact Details:
Company Website: https://bam.brookfield.com/
Linkedin Profile: https://www.linkedin.com/in/correiasousa/
QUOTES
We believe there is value in integrate and in vertical structures, where you are the capital, but you also have the know-how up to the nitty gritty of the operation. - Pedro Sousa
If you are starting a platform, you need to invest in systems and in teams. You should, it is an investment, not a cost. - Pedro Sousa
KEYWORDS
#PBSA #StudentHousing #EuropeanRealEstate #BrookfieldAM #RealEstateInvesting
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

European real estate investors face persistent market friction from elevated capital costs and compressed yields following Expo Real 2026. Achieving sustainable returns requires moving away from passive yield compression towards active value creation across property assets.
This discussion explores how debt and equity financing structures adapt to evolving market baselines across major European regions, building directly on key takeaways from Expo Real 2026. Key topics include shifting lender appetites, regional market divergence, and strategies for closing valuation gaps between operating partners and institutional investors.
Bruno Silva, Partner at Havenstone Capital, joins the platform to share first-hand observations from Expo Real 2026 in Munich. Bringing extensive expertise across equity and debt markets, he provides actionable perspectives on navigating current transaction dynamics.
THINGS WE SPOKE ABOUT
Expo Real 2026 sentiment and shifting European capital baselines.
Asset class performance across living, logistics, and data centres.
Closing return expectation gaps between operators and institutional LPs.
Emerging credit opportunities and alternative lender sector appetites.
Regional market analysis across Germany, Italy, Poland, and Spain.
GUEST DETAILS
Bruno Silva is a Partner at Havenstone Capital with extensive experience across European debt and equity markets. He specialises in real estate investment management, structured finance solutions, and portfolio underwriting across diverse property asset classes.
QUOTES
Investors are starting to get used to the new baseline, meaning higher capital costs, which trickles down to more soft cap rates and driving value through active asset management. - Bruno Silva
There's still a mismatch between operating partners and their backing capital in the LPUs or the institutionals. - Bruno Silva
There is clearly a shift in the alternative lenders for yields in this particular case. - António Dias
KEYWORDS 
#ExpoReal2026#RealEstateTrends#MarketInsights#EuropeanRealEstateCapitalMarkets
#ActiveAssetManagementStrategies

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

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

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