New York – September 12, 2026 -- Cerberus Capital Management has sold its equity stake in Tenet Equity to CBRE Investment Management for $1.6 billion, exiting a net lease platform it built from scratch five years ago.
Tenet's portfolio spans 200 properties across 39 states
The company's holdings total approximately 12 million square feet across 26 industries and more than 65 tenants. CBRE Investment Management is acquiring the stake on behalf of several of its investment strategies.
Cerberus founded Tenet in 2021 with industry executives
Cerberus launched the platform alongside Executive Partners Nick Eggert and Andrew Gallagher, building a management team focused on triple net lease financing for middle-market companies and financial sponsors. Tom Wagner, Head of North American Real Estate at Cerberus, said the firm established Tenet as a reliable capital source for growing middle-market companies.
Cross-platform collaboration drove the buildout, Cerberus says
Bob Davenport, Global Head of Corporate Credit at Cerberus, said the net lease asset class sits at the intersection of corporate credit and real estate, with the firm's credit and real estate teams working alongside Tenet management to scale the company. Chris Volk, Chairman of Tenet's Board, credited Cerberus with providing capital, business knowledge and net lease market expertise that took the company from an idea to a scaled, diversified operation.
Tenet's founding CEO points to investment-grade capital access
Nicholas Eggert, Tenet's founding Chief Executive Officer, said the company's scale and diversity now position it for future growth. Evercore served as exclusive financial advisor and Kirkland & Ellis LLP as legal counsel to Cerberus on the transaction.