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
What is 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.