Cerberus sells real estate firm Tenet Equity to CBRE for $1.6 billion
Cerberus sells real estate firm Tenet Equity to CBRE for $1.6 billion Sept 8 (Reuters) - U.S. private equity firm Cerberus said on Tuesday it has sold Tenet Equity, a real estate finance company, to the asset management arm of real estate investment trust CBRE Group CBRE.N for $1.6 billion.
Cerberus founded Tenet in 2021 to provide real estate-backed funding to middle-market companies and private equity firms across the United States.
Scottsdale, Arizona-based Tenet's portfolio currently includes more than 200 properties spanning 26 industries across 39 states.
Its sale to CBRE Investment Management comes as investors favor long-term leased properties for their steady income, while companies turn to sale-leasebacks to raise capital amid higher borrowing costs.
Evercore served as exclusive financial advisor to Cerberus for the sale.
CBRE's shares were up 1.2% after the bell.
(Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Shailesh Kuber)
((Aatreyee.Dasgupta@thomsonreuters.com;))
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