Term Sheet: Aareal completes its first SRT, back leverage helps ease refinancing challenges, Bank of England sounds alarm over data centres

German lender Aareal Bank becomes the latest user of the growing real estate SRT market; AEW says back leverage partly explains a reduction in the debt funding gap for European real estate; the Bank of England sounds an alarm over data centre financing and AI-related asset price falls; and more in today's briefing, exclusively for our valued subscribers.