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.
The transaction will see CBRE acquire Tenet Equity as the real estate business continues to expand its investment platform and capabilities across the property market.
For Cerberus, the sale represents an exit from an asset it has developed within its broader real estate operations, while giving CBRE an opportunity to strengthen its investment offering through the acquisition.
The $1.6bn valuation makes the transaction a significant deal in the real estate investment sector and comes as private equity firms and other alternative asset managers continue to assess opportunities to monetise mature holdings.
CBRE, one of the world’s largest commercial real estate services and investment firms, will take ownership of Tenet Equity as part of the agreement.
The transaction also highlights continued consolidation across the real estate investment industry, with established property businesses seeking scale and alternative investment managers selectively realising assets amid changing market conditions.
The deal is subject to customary closing conditions.
