People Property Place

This week, I sat down with Michael Zerda to unpack a career that spans private equity real estate, distressed credit, structured capital and some of the most complex investment situations across Europe and the United States.
Michael is Global Head of Real Estate at Santander Alternative Investments and CEO of Deva Capital, the real estate and corporate capital solutions investment arm of the business. Over a 25 year career, he has helped raise more than $5 billion of capital and overseen the deployment of more than $11 billion of equity across more than 200 transactions across Western Europe.
In this conversation, Michael shares the story behind his journey from a Polish immigrant growing up in Texas to becoming a global real estate investor working across debt, equity and special situations. We explore how his early career developed through private equity real estate, distressed debt and high yield investing, and how those experiences shaped the way he approaches market cycles today.  
We discuss why the widely predicted wave of real estate distress following the interest rate shock of 2022 has not materialised in the way many investors expected. Michael explains how stronger bank balance sheets, lower leverage and asset owners holding positions for longer have fundamentally changed the dynamics compared with previous cycles.  
The conversation also explores where stress is actually appearing in the market today. Rather than dramatic distress events, Michael highlights a quieter liquidity squeeze affecting operators whose business models rely on transactions and capital raising. For investors able to deploy flexible capital across debt, structured equity or partnerships, this environment may present significant opportunities.  
Finally, we discuss Michael's current role within Santander Alternative Investments, how the platform integrates real estate investing with corporate special situations, and where he sees opportunities emerging across Europe as markets adjust to the new interest rate environment.  
Key Topics Covered in This Episode
✅ From Poland to Texas
Michael's unconventional journey into global real estate investing.
✅ The Distress That Never Came
Why the expected wave of distressed real estate has taken longer to appear.
✅ Liquidity Stress Beneath the Surface
How fundraising challenges and fewer transactions are impacting operators.
✅ Debt, Equity and Special Situations
Why flexible capital structures are becoming increasingly important.
✅ Where Opportunities Exist in Europe
How different markets are behaving very differently in the current cycle.
 
EPISODE CHAPTERS
00:00 Introduction
01:08 From Poland to Texas
05:12 Discovering Real Estate Investing
11:04 Early Career in Private Equity Real Estate
19:42 Distressed Debt and Market Cycles
30:11 Why the Distress Wave Never Came
42:05 Liquidity Stress in Real Estate
51:15 Building Deva Capital
57:55 Where Opportunities Exist in Europe
01:02:48 Deep Value Investing in Today's Market
01:07:10 The £500M Investment Question
 
And of course, I asked Michael the big question:
Who are the People, what Property, and which Place would you invest in if you had £500 million to deploy?
If you have thoughts or questions about this episode, drop them in the comments. I'd love to hear your take.
The People Property Place Podcast is powered by Rockbourne, recruiting leadership talent for real estate funds, owners, investors, and developers.
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👉 http://peoplepropertyplace.com/

This week, I sat down with Emma Cariaga, Chief Operating Officer at British Land, to unpack what it really takes to run one of the UK's largest listed real estate businesses during a period of structural change, capital market pressure, and sector consolidation.
Emma is COO of British Land, a FTSE 100 property company with over 170 years of history and a portfolio concentrated in retail parks and London campuses. Having built her career from trainee land buyer to development director at Landsec before joining British Land, Emma brings deep operational and development experience across residential, mixed use, large scale regeneration and campus strategy, including the transformation of Canada Water into a major London campus.
In this conversation, Emma explains how real estate has fundamentally shifted from a passive, rent collecting asset class into an operational business requiring agility, data, customer centricity and active asset management. We explore why British Land continued developing while others paused, how limited supply of prime London office space is driving rental growth, and why retail parks have repositioned themselves into a 99% occupied format built around affordability, flexibility and convenience.
We also discuss the increasing importance of scale in listed real estate, the wave of M&A activity across the REIT sector, and whether smaller platforms can realistically survive in today's capital constrained environment. Emma shares insights on leadership, transitioning from being "on the tools" to operating at executive level, and why building non executive experience alongside an executive career can sharpen judgement.
Finally, we look at British Land's strategic positioning, its new headquarters move onto one of its own campuses, and what the next chapter may look like for the listed real estate sector.
 
Key Topics Covered in This Episode
✅ From Land Buyer to FTSE 100 Leadership
Emma's route into real estate and the lessons learned along the way.
✅ The Return of Prime London Offices
Why top quality space near transport nodes is in limited supply and delivering rental growth.
✅ Retail Parks Repositioned
How omni retailing and cost efficiency have driven 99% occupancy.
✅ Real Estate Has Become Operational
Flex products, shorter leases and a more customer focused asset model.
✅ Scale, M&A and The Future of Listed Real Estate
Why scale may now be essential in public markets.
And of course, I asked Emma the big question:
Who are the People, what Property, and which Place would you invest in if you had £500 million to deploy?
If you have thoughts or questions about this episode, drop them in the comments. I'd love to hear your take.
The People Property Place Podcast is powered by Rockbourne, recruiting leadership talent for real estate funds, owners, investors, and developers.
🔊 LIKE ➡ SHARE ➡ SUBSCRIBE
👉 http://peoplepropertyplace.com/

This week, I sat down with Michela Hancock to unpack the journey from psychology graduate to property entrepreneur, and how she helped pioneer institutional build to rent in the UK long before it was widely accepted.
Michela is the Co-Founder and CEO of Hilltop Property Partners. Before launching Hilltop, she worked across US and UK real estate, including early exposure to multifamily housing in the United States, and later bringing that institutional rental mindset into the UK market at a time when many believed renting would never become a lifestyle choice.
In this conversation, Michela shares how growing up in a family business shaped her entrepreneurial mindset, and why she made the difficult decision to pivot away from a career in clinical psychology after years of study. That willingness to change direction led her into real estate development, where she combined US multifamily experience with a long term conviction around UK rental housing.
We explore the early days of institutional build to rent in the UK, when pension funds and advisors were sceptical, and Michela was repeatedly told that everyone in Britain wanted to own rather than rent. She explains how she built conviction around demographic change, quality rental supply gaps and the concept of renting as a lifestyle choice.
The conversation then moves into Hilltop's strategy, targeting the so called squeezed middle and key worker demographic, where the need for high quality, attainable rental housing is most acute. Michela outlines the viability pressures facing mid market rental delivery today, and why building now into a supply constrained environment could create long term opportunity.
We also discuss capital raising in a global market where UK development competes for attention and allocation, and why resilience, persistence and finding the right partner can be more important than finding hundreds of investors. Michela shares candid lessons on entrepreneurship, including the advice she received that starting a business is like being in a rowboat with no oars, and why she chose to do it anyway.
This is a conversation about conviction, mid market housing, entrepreneurship and building through difficult cycles.
Key Topics Covered in This Episode
✅ From Psychology to Property
Why Michela pivoted careers after years of study and what that taught her about risk and conviction.
✅ Early Institutional Build to Rent
How she introduced US multifamily thinking into a sceptical UK market.
✅ Renting as a Lifestyle Choice
Challenging the assumption that everyone wants to own.
✅ The Squeezed Middle Opportunity
Targeting key workers and mid market rental housing in a viability constrained environment.
✅ Raising Capital in a Global Market
Why alignment and persistence matter more than volume.
✅ Building Hilltop Property Partners
Entrepreneurship, partnership and long term platform thinking.
✅ Resilience and Founder Mindset
The "never leave your chair" philosophy and showing up every day.
And of course, I asked Michela the big question:
Who are the People, what Property, and which Place would you invest in if you had £500 million to deploy?
If you have thoughts or questions about this episode, drop them in the comments. I'd love to hear your take.
The People Property Place Podcast is powered by Rockbourne, recruiting leadership talent for real estate funds, owners, investors, and developers. 🔊 LIKE ➡ SHARE ➡ SUBSCRIBE 👉 http://peoplepropertyplace.com/

This week, I sat down with Andrew Hynard to unpack a corporate career that spans more than three decades at JLL, the chief executive leadership of one of London's most prestigious estates, and a post-executive chapter advising some of the most interesting property businesses in the UK.
Andrew spent the majority of his career at JLL focused on Capital Markets, ultimately becoming Deputy Chairman of the UK business. He later became Chief Executive of The Howard de Walden Estate, overseeing 90 acres in Marylebone with a portfolio heavily weighted toward private healthcare in and around Harley Street. Today, he advises businesses including Clipstone Investment Management, Howard Group, Orega, Taurus Developments and Love Ventures, a VC investor in early stage technology companies  
In this conversation, Andrew reflects on growing up as the son of a surveyor in Hastings and deciding at just ten years old that property would be his path. We explore his early decision to specialise in investment rather than rotate through departments, and why he later regretted not gaining broader technical grounding despite accelerating his capital markets career.
We go deep into his time at JLL, including the cultural and strategic forces behind the merger with King Sturge, how he navigated internal politics without burning bridges, and why playing the long game and treating people with decency became his defining leadership philosophy.
Andrew also shares the transition from advisory to client side when he became CEO of Howard de Walden, what it really means to run a £3–4 billion estate in one of London's most complex submarkets, and why attracting world class healthcare operators like Cleveland Clinic was a defining moment.
We then turn to today's market. Andrew gives a candid view on the state of UK real estate, the leadership reset across major advisory firms, where growth is actually coming from, why income will dominate returns for the foreseeable future, and why he believes we are approaching an inflection point rather than a falling knife moment.
Finally, we explore his portfolio of advisory roles, his work in venture capital, and why mentoring the next generation is one of the most important investments he now makes.
 
Key Topics Covered in This Episode
✅ From Hastings to Deputy Chairman
How Andrew set his sights on property at age ten and built a 30+ year capital markets career.
✅ The King Sturge Merger
The first conversation that led to one of the most significant UK advisory mergers of the past two decades.
✅ Advisory vs Client Side
What changes when you move from broker to principal and how to make that transition successfully.
✅ Leading the Howard de Walden Estate
Healthcare, tenant mix strategy, stakeholder management and long term estate stewardship.
✅ The State of the UK Market
Flat growth, tentative optimism, income driven returns and why 2025 could be a turning point.
✅ Leadership Change Across UK Agencies
Why so many CEOs have changed and what the next generation must get right.
✅ Building a Post Executive Portfolio
Advisory roles, venture capital, mentoring and giving back to the industry.
And of course, I asked Andrew the big question:
Who are the People, what Property, and which Place would you invest in if you had £500 million to deploy?
If you have thoughts or questions about this episode, drop them in the comments. I'd love to hear your take.
The People Property Place Podcast is powered by Rockbourne, recruiting leadership talent for real estate funds, owners, investors, and developers.
🔊 LIKE ➡ SHARE ➡ SUBSCRIBE
👉 http://peoplepropertyplace.com/

This week, I sat down with Pavel Streblov to unpack how one of Central Europe's most established private real estate groups is entering the UK market, why London still matters, and what it really takes to build and deliver at scale as a developer in today's environment.
Pavel is Business Director at Penta Real Estate, a privately owned investment group founded by five university classmates, with major interests spanning healthcare, banking, media, and large scale urban real estate. Pavel leads Penta's UK platform and is responsible for its expansion into London, bringing institutional capital, long term thinking, and a developer led mindset into a market facing structural supply constraints.
In this conversation, Pavel explains why Penta chose to expand beyond its home markets in the Czech Republic and Slovakia, how the group reached scale domestically, and why development requires a fundamentally different approach to buying standing assets. We explore why building a credible pipeline matters more than one off success, and how local knowledge, council dynamics, and delivery track record determine whether a developer is taken seriously.
We discuss Penta's first major UK move, a joint venture with Ballymore across two residential schemes totalling around 700 homes and approximately £700 million of development value. Pavel shares how Penta thinks about quality, amenity, and long term ownership, and why entering the market at the bottom of the cycle can create asymmetric opportunity when supply is constrained.
The conversation also goes deep on the UK market itself. Pavel offers a blunt comparison between the UK and the Czech Republic, explaining how stamp duty, transaction costs, and mortgage pricing actively discourage ownership and push local buyers into renting. We unpack Gateway 2, viability pressure, delivery delays, and why flexibility and speed of decision making have become critical advantages in a market full of stalled and so called zombie projects.
We close by looking ahead. Pavel explains how Penta is already using AI in early stage design and option testing, and why being a developer ultimately requires optimism. If you fully price every risk, nothing ever gets built.
 
Key Topics Covered in This Episode
 
✅ Why Penta Chose the UK
How scale limits in home markets pushed Penta to expand and why London stood out.
✅ Development Versus Standing Assets
Why development is a long term commitment that requires local conviction and pipeline depth.
✅ The Ballymore Joint Venture
700 homes, £700m of value, and why scale matters from day one.
✅ Ownership, Stamp Duty and Market Friction
Why UK tax structures discourage buying and reshape demand dynamics.
✅ Gateway 2 and Viability Pressure
How regulation and delays are constraining supply and reshaping opportunity.
✅ Zombie Projects and Flexible Capital
Why creativity, speed, and structure now unlock returns.
✅ AI and the Developer Mindset
How technology supports decision making and why optimism still matters.
 
And of course, I asked Pavel the big question:
Who are the People, what Property, and which Place would you invest in if you had £500 million to deploy?
If you have thoughts or questions about this episode, drop them in the comments. I'd love to hear your take.
The People Property Place Podcast is powered by Rockbourne, recruiting leadership talent for real estate funds, owners, investors, and developers.
 
🔊 LIKE ➡ SHARE ➡ SUBSCRIBE
👉 http://peoplepropertyplace.com/