Goldman Sachs said Tuesday it has agreed to acquire LCN Capital Partners, a leading investment manager specializing in the sale-leaseback, build-to-suit, and triple-net lease sectors of the real estate market, in a deal valued at up to $410 million. LCN has approximately $3 billion in assets under supervision as of June 30, 2026, primarily from institutions, insurers, and high-net-worth individuals.
“LCN’s differentiated platform is highly attractive for our Asset & Wealth Management clients who want diversified sources of returns and offers corporate clients innovative capital solutions,” said David M. Solomon, chairman and CEO of Goldman Sachs. “Their focus complements our private real estate team’s broad 30-year track record and will expand our ability to serve our insurance, institutional, and wealth client segments.”
LCN originates, negotiates, invests in, and manages sale-leaseback, BTS and net lease investments across North America and Europe. Founded in 2011 by Edward V. LaPuma and Bryan York Colwell, New York-based LCN has raised 10 investment funds that aim to outperform credit and real estate alternatives.
“Our team, our strategy, and our commitment to our partners, both capital and corporate, remain unchanged — what changes is the scale of our ambition,” said LaPuma. “By combining LCN’s origination network and investment discipline with Goldman Sachs’ unrivaled corporate relationships, global distribution, and client experience teams, we can better serve our investing and tenant partners at a scale no independent firm could match — and become an industry leading platform in triple net lease investing.”
The acquisition occurs against a backdrop of significant global market opportunity for investment into sale-leasebacks, with an estimated $14 trillion of corporate-owned property on corporate balance sheets in North America and Europe alone. At the same time, investor demand for the NNN asset class is growing globally.
The upfront transaction consideration is approximately $260 million. There is also as much as $150 million of deferred and contingent consideration, subject to the achievement of certain long-dated performance targets and service commitments.
Goldman Sachs was advised by Goldman Sachs Global Banking & Markets as financial advisor and Wachtell, Lipton, Rosen & Katz and DLA Piper as legal counsel. LCN was advised by RBC Capital Markets as financial advisor and McDermott Will & Schulte as legal counsel.
Pictured: A solar-powered distribution center in Louisiana, recently acquired by LCN Capital Partners.
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