Cerberus agrees $1.6bn sale of Tenet Equity to CBRE
Cerberus Capital Management has agreed to sell Tenet Equity, its real estate investment business, to commercial property services group CBRE in a deal valued at approximately $1.6bn.
Cerberus Capital Management has reached an agreement to sell its real estate investment business, Tenet Equity, to commercial property services firm CBRE for approximately $1.6 billion. This transaction will allow CBRE to add Tenet Equity's investment platform and capabilities to its existing offerings, while providing Cerberus with an exit from an asset it has developed within its broader real estate operations.
The $1.6 billion valuation makes the deal a significant one in the real estate investment sector, as private equity firms and alternative asset managers continue to explore opportunities to monetize mature holdings. Upon completion of the agreement, CBRE will assume ownership of Tenet Equity. The transaction also underscores the ongoing consolidation within the real estate investment industry, as established property businesses seek scale and alternative investment managers selectively liquidate assets amid evolving market conditions. The deal is contingent upon the fulfillment of customary closing conditions.
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