Goldman Sachs agreed on 18 August to acquire LCN Capital Partners, an investment manager focused on sale-leaseback, build-to-suit and triple net lease property, for about $260m upfront.
Why Goldman Sachs Asset Management is buying LCN Capital Partners
Goldman's chief executive, David Solomon, said LCN's platform appeals to asset and wealth management clients seeking diversified returns and offers corporate clients new capital solutions. Goldman plans to combine LCN's origination with its own corporate banking relationships, pointing to an estimated $14tn of corporate-owned property in North America and Europe.
“Our team, our strategy, and our commitment to our partners, both capital and corporate, remain unchanged — what changes is the scale of our ambition.”
Deal terms and financing
The upfront consideration is about $260m, with up to about $150m more in deferred and contingent payments linked to long-dated performance targets and service commitments. About 80% of the total is payable in Goldman Sachs equity.
Regulatory approvals and timing
The transaction is expected to close by the end of 2026, subject to regulatory approval and closing conditions.
Market context
Founded in 2011, LCN has raised 10 funds and invests across North America and Europe. Co-founders Edward V. LaPuma and Bryan York Colwell will join Goldman Sachs Asset Management's real estate business.
