Cerberus Capital Management, L.P. has sold Tenet Equity to CBRE Investment Management, which is making its investment on behalf of several of its investment strategies, for $1.6 billion. Founded in 2021, Tenet provides triple-net-lease financing to middle market companies and financial sponsors across the U.S.

Over the past five years, Tenet has experienced considerable growth, according to Cerberus. Its current portfolio includes 200-plus properties totaling approximately 12 million square feet across 39 states, 26 industries and more than 65 tenants. 

“We are proud to have established Tenet as a reliable source of triple net lease financing for growing middle-market companies across the U.S.,” said Tom Wagner, head of North American real estate at Cerberus. “Tenet has grown significantly under our leadership and delivered significant value for both our investors and its customers.”

Evercore served as exclusive financial advisor and Kirkland & Ellis LLP served as legal counsel to Cerberus.

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