Cerberus Exits Tenet Equity in $1.6 Billion Deal with CBRE
Cerberus Capital Management has offloaded its stake in Tenet Equity to CBRE Investment Management in a transaction valued at $1.6 billion. The sale marks the conclusion of a five-year growth cycle for the net lease platform, which Cerberus co-founded in 2021 to serve middle-market companies across the United States.
Since its inception, Tenet has scaled into a major player in the triple net lease sector, managing a portfolio that spans 12 million square feet across 39 states. The company currently holds over 200 properties serving 26 industries and more than 65 tenants. Under Cerberus’s ownership, the firm integrated corporate credit and real estate expertise to facilitate complex sale-leaseback transactions and provide flexible capital to operators.
Tom Wagner, head of North American Real Estate at Cerberus, noted that the platform provided a reliable financing source while delivering consistent value for investors. Tenet’s founding CEO, Nicholas Eggert, credited the partnership with Cerberus for the company's ability to achieve its current scale and investment-grade capital access. Evercore acted as the exclusive financial advisor for the divestment, with legal counsel provided by Kirkland & Ellis LLP.
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