Term Sheet: REC Europe transitions to PERE Credit, Ares builds firepower, Stoneshield’s quickfire fundraising

As Real Estate Capital Europe’s coverage becomes a key element of our soon-to-be globalised affiliate PERE Credit, we bring you our final REC Europe Term Sheet; Ares Management is reported to have raised more than half its target as it gathers capital for US and European lending; Stoneshield raises €1.5bn in six months for a fund targeting Southern Europe; and more in today’s briefing, exclusively for our valued subscribers.