Cerberus has exited its net-lease platform Tenet in a $1.6bn transaction, handing the business to CBRE Investment Management. CBRE, the commercial property group, is acquiring the platform on behalf of several of its investment strategies. Cerberus launched Tenet in 2021 alongside executive partners Nick Eggert and Andrew Gallagher, backing the management team and scaling the business into a national provider of triple net lease financing for middle-market companies and financial sponsors.

The platform now holds more than 200 properties spanning roughly 12 million square feet across 39 states, 26 industries, and over 65 tenants.