Goldman Sachs plans up to $410m LCN acquisition

Goldman Sachs announced it will acquire LCN Capital Partners, a real estate investment manager focused on sale-leaseback, build-to-suit, and triple net leases across North America and Europe, expanding its private real estate and wealth-management capabilities. The deal is valued at up to $410 million, with LCN reporting about $3 billion in assets under supervision as of June 30, 2026, sourced from institutions, insurers, and high-net-worth investors. Goldman’s leadership described LCN’s platform as a strong fit for delivering diversified returns and innovative capital solutions to corporate clients, complementing Goldman’s 30-year private real estate track record. LCN, founded in 2011 by Edward V. LaPuma and Bryan York Colwell, has built a multidisciplinary team and a network to originate, negotiate, invest in, and manage sale-leaseback, BTS, and net-lease investments across the two continents, aiming to outperform credit and real estate alternatives. The transaction is expected to close by the end of 2026, subject to regulatory approvals and other conditions, with LCN’s founders and team set to join Goldman Sachs Asset Management’s real estate business. This follows Goldman Sachs’ broader push to grow its multi-trillion-dollar money-management arm as it expands its exposure to the NNN and sale-leaseback sectors.