Cerberus Capital Management, L.P. has completed the sale of Tenet Equity, its triple-net-lease finance platform, to CBRE Investment Management in a $1.6 billion transaction. CBRE Investment Management is making the investment in Tenet Equity on behalf of several of its investment strategies, adding a sizeable net-lease financing business to its portfolio of managed capital. Financial terms beyond the headline purchase price were not disclosed in the announcement.
Tenet Equity was founded in 2021 to provide triple-net-lease financing solutions to middle market companies and financial sponsors across the United States. Since its formation, the company has focused on supporting growing businesses that utilize triple-net-lease structures for their real estate needs. The platform operates nationally and serves a broad mix of corporate users, with activity spanning multiple sectors and tenant profiles.
According to Cerberus, Tenet Equity has experienced considerable growth over the past five years. The company now oversees a portfolio of more than 200 properties totaling approximately 12 million square feet. These assets are located across 39 states and are leased to tenants in 26 different industries, with more than 65 tenants represented in the portfolio. This scale underscores the platform’s expansion from its 2021 founding to a diversified, multi-tenant net-lease portfolio.
Tom Wagner, head of North American real estate at Cerberus, said the firm is proud to have established Tenet as a reliable source of triple-net-lease financing for growing middle-market companies across the U.S. He noted that Tenet has grown significantly under Cerberus leadership and has delivered value both to Cerberus investors and to Tenet’s customer base. His comments frame the sale to CBRE Investment Management as the culmination of a period of strategic growth for the platform.
While the announcement highlights the scale of Tenet Equity’s existing portfolio and the national reach of its tenant base, it does not disclose additional transaction metrics such as yield, cap rate, or financing terms associated with the sale. The details of how Tenet will be integrated into CBRE Investment Management’s various investment strategies were also not specified. However, the reference to multiple strategies indicates that CBRE Investment Management plans to deploy Tenet’s capabilities across several pools of institutional capital.
On the advisory side, Evercore served as exclusive financial advisor to Cerberus in connection with the sale of Tenet Equity. Kirkland & Ellis LLP acted as legal counsel to Cerberus. No additional advisors or counterparties were named in the announcement. The combination of financial and legal advisory support underscores the transaction’s institutional scale and the importance of Tenet Equity within Cerberus’s broader real estate and credit-related activities.
The sale marks a notable change in ownership for a national triple-net-lease financing platform that has grown quickly since its launch in 2021. With the closing of this $1.6 billion transaction, Tenet Equity transitions from being a Cerberus-owned business to becoming part of CBRE Investment Management’s suite of investment strategies, while continuing to focus on triple-net-lease financing for middle market borrowers and financial sponsors across the U.S.
