Cerberus Sells Tenet Equity Stake to CBRE IM for $1.6 Billion
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.