Goldman Sachs has agreed to acquire commercial real estate investment firm LCN Capital Partners for up to $410 million, expanding its private real estate capabilities as the Wall Street bank continues to grow its asset and wealth management business. LCN specializes in sale lease back and net lease investments across North America and Europe.
Goldman Sachs has agreed to acquire LCN Capital Partners in a transaction valued at up to $410 million, Reuters reported on Tuesday, in the latest move by the Wall Street bank to expand its private market investment capabilities.
Goldman will pay approximately $260 million upfront, with another $150 million potentially payable based on future performance targets and service commitments, Reuters reported. About 80% of the consideration will be paid in stock. The transaction is expected to close by the end of 2026, subject to regulatory approval and other closing conditions.
Founded in 2011 by Edward V. LaPuma and Bryan York Colwell, LCN is a commercial real-estate investment manager focused on sale-leaseback and net-lease transactions. In a sale-leaseback, a company sells a property to an investor and then leases the property back, allowing the business to unlock capital tied up in real estate while continuing to use the asset.
LCN manages approximately $3 billion in assets, according to the transaction reporting. The firm operates across North America and Europe and invests in areas including industrial, office, retail and specialized commercial properties.
Goldman Sachs Chairman and CEO David Solomon said LCN's platform complements the bank's private real-estate business and would expand its ability to serve insurance companies, institutional investors and wealthy clients.
LCN's co-founders and its team are expected to join Goldman Sachs Asset Management's real-estate business following completion of the acquisition. Goldman Sachs Global Banking & Markets advised Goldman on the transaction, while LCN was advised by RBC Capital Markets.
The acquisition is part of a broader expansion by Goldman Sachs in asset and wealth management. Last week, the bank agreed to acquire ETF provider NEOS Investments for up to $2.25 billion, following other investments and acquisitions aimed at expanding its asset management platform.
Goldman's purchase of LCN would give the bank greater exposure to the sale-leaseback market while adding another private-real-estate strategy to its asset management operations. The deal remains subject to closing conditions and is expected to be completed before the end of 2026.
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