Goldman Sachs to Buy LCN Capital for Up to $410 Million, Adding $3 Billion Real Estate Platform
Updated
Updated · Markets Media · Aug 18
Goldman Sachs to Buy LCN Capital for Up to $410 Million, Adding $3 Billion Real Estate Platform
3 articles · Updated · Markets Media · Aug 18
Summary
$260 million upfront and as much as $150 million in deferred payments will fund Goldman Sachs' acquisition of LCN Capital Partners, with about 80% of the consideration paid in equity.
LCN brings roughly $3 billion in assets under supervision and a sale-leaseback, build-to-suit and triple net lease platform spanning North America and Europe.
Goldman said the deal will broaden Asset & Wealth Management's private real estate offerings, targeting insurance, institutional and wealth clients seeking stable, inflation-protected income and alternative capital solutions.
LCN's co-founders Edward LaPuma and Bryan York Colwell and their team will join Goldman Sachs Asset Management's real estate business after the transaction closes.
The acquisition is expected to close by the end of 2026, subject to regulatory approval, as Goldman chases a market tied to an estimated $14 trillion of corporate-owned property in North America and Europe.