{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Havenstone Stack","title":"Introducing the Havenstone Stack","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/2dc6dd5b\"></iframe>","width":"100%","height":180,"duration":1481,"description":"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 ABOUTThe structural shift to private debt marketsWhy 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 assetsGUEST DETAILSAntonio 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/QUOTESNothing is business as usual. There's no longer business as usual. Everybody, basically is scrambling to find a new normal. - Antonio DiasWe saw this structural change in the Pan...","thumbnail_url":"https://img.transistorcdn.com/N6tAJ1g7pscYJ_9Pdcsr9VXpGScT73k-QbTWy5LqEpY/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9jYzA4/MTdkOTQ4NTZkMzcz/YTM2YzRkNzM0ZDY0/MzJlZS5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}