Goldman Sachs agrees to buy LCN Capital Partners for up to $410 million
A deal to acquire LCN Capital Partners in a transaction potentially worth $410 million puts Goldman Sachs (NYSE: GS) in focus Tuesday, expanding the firm's alternative platform into corporate real estate capital solutions. LCN managed approximately $3 billion in assets as of June 30, 2026, and operates across North America and Europe with a focus on sale-leaseback, build-to-suit, and triple net lease investments. The next firm date: regulatory approval and an expected close before year-end 2026.
Key takeaways
- Goldman Sachs has agreed to acquire LCN Capital Partners in a deal potentially worth up to $410 million, with an expected close before year-end 2026.
- Goldman will pay approximately $260 million upfront, with an additional $150 million possible through deferred and contingent consideration, and about 80% of total potential consideration structured as equity.
- LCN managed approximately $3 billion in assets as of June 30, 2026, focusing on sale-leaseback, build-to-suit, and triple net lease investments across North America and Europe.
- LCN, founded in 2011, has raised 10 investment funds and reported average annual net cash-on-cash returns of 10.8% since inception.
- LCN will join Goldman Sachs Asset Management's Real Estate business, with co-founders Edward V. LaPuma and Bryan York Colwell joining upon close.
A deal to acquire LCN Capital Partners in a transaction potentially worth $410 million puts Goldman Sachs (NYSE: GS) in focus Tuesday, expanding the firm's alternative platform into corporate real estate capital solutions. LCN managed approximately $3 billion in assets as of June 30, 2026, and operates across North America and Europe with a focus on sale-leaseback, build-to-suit, and triple net lease investments. The next firm date: regulatory approval and an expected close before year-end 2026.
The terms
Goldman will pay approximately $260 million upfront. An additional $150 million could follow through deferred and contingent consideration tied to long-term performance targets and service commitments. Around 80% of total potential consideration is structured as equity.
LCN was founded in 2011 and has raised 10 investment funds. The firm has reported average annual net cash-on-cash returns of 10.8% since inception, with all funds ranking in the first or second quartile among closed-end real estate funds by net multiple on invested capital and distributions to paid-in capital, according to LCN.
What the deal adds
LCN's model pairs corporate credit underwriting with property expertise, originating and managing investments for institutions, insurance companies, and high-net-worth individuals. Companies use its platform to free capital from owned real estate; investors take on the resulting long-term income stream. That origination network, spanning North American and European markets, is what LCN brings into Goldman Sachs Asset Management's Real Estate business, broadening the strategy set available to institutional and wealth management clients.
Goldman Chairman and CEO David M. Solomon said the platform offers clients diversified return sources alongside access to capital solutions. LCN co-founder Edward V. LaPuma said combining LCN's origination network and investment discipline with Goldman's corporate relationships and global distribution would allow the combined operation to serve investing and tenant partners at a scale unavailable to an independent firm. LaPuma and co-founder Bryan York Colwell will join GSAM's Real Estate business upon close.
RBC Capital Markets advised LCN financially; McDermott Will & Schulte handled LCN's legal work. Goldman Sachs Global Banking & Markets advised the buyer, with Wachtell, Lipton, Rosen & Katz and DLA Piper as counsel.
What to watch: the regulatory approval window, with a formal close that Goldman has tied to year-end 2026.
Filed by the newsroom of MarketPR on August 23, 2026. Source: finance.yahoo.com. Indicative figures are not investment advice.