Goldman Sachs Group Inc (NYSE:GS) has agreed to acquire real estate investment manager LCN Capital Partners in a transaction potentially worth as much as $410 million, expanding its capabilities in sale-leaseback, build-to-suit and triple net lease investments.
LCN managed approximately $3 billion in assets as of June 30, 2026 and operates across North America and Europe, combining expertise in corporate credit with real estate investing.
Under the agreement announced Tuesday, Goldman Sachs will provide approximately $260 million in upfront consideration. A further $150 million could be paid through deferred and contingent consideration linked to long-term performance targets and service commitments.
Around 80% of the total potential consideration will be paid in equity.
Acquisition Expands Goldman Sachs Real Estate Platform
The transaction will add LCN’s specialist investment capabilities to Goldman Sachs Asset Management’s Real Estate business and broaden the range of strategies available to its institutional and wealth management clients.
“LCN’s differentiated platform is highly attractive for our Asset & Wealth Management clients who want diversified sources of returns and offers corporate clients innovative capital solutions,” said David M. Solomon, Chairman and CEO of Goldman Sachs.
LCN originates and manages sale-leaseback, build-to-suit and net lease investments for institutions, insurance companies and high-net-worth individuals.
Its investment model combines assessments of corporate credit with real estate expertise, allowing companies to unlock capital from property assets while providing investors with long-term income opportunities.
LCN Founders to Join Goldman Sachs
Founded in 2011, LCN has raised 10 investment funds and reported average annual net cash-on-cash returns of 10.8% since inception.
According to the firm, all of its funds have ranked in either the first or second quartile among closed-end real estate funds when measured by net multiple on invested capital and distributions to paid-in capital.
LCN co-founders Edward V. LaPuma and Bryan York Colwell will join Goldman Sachs Asset Management’s Real Estate business alongside the wider LCN team once the acquisition is completed.
“By combining LCN’s origination network and investment discipline with Goldman Sachs’ unrivaled corporate relationships, global distribution, and client experience teams, we can better serve our investing and tenant partners at a scale no independent firm could match,” said LaPuma.
Deal Expected to Close by End of 2026
Goldman Sachs expects the acquisition to be completed by the end of 2026, subject to regulatory approvals and customary closing conditions.
RBC Capital Markets acted as financial adviser to LCN, while McDermott Will & Schulte provided legal counsel.
Goldman Sachs Global Banking & Markets advised Goldman Sachs on the transaction, with Wachtell, Lipton, Rosen & Katz and DLA Piper serving as legal counsel.
The acquisition further expands Goldman Sachs’ alternative asset management operations while giving LCN access to the bank’s global corporate relationships, distribution capabilities and broader client network.
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