Goldman Sachs to acquire LCN Capital Partners for up to $410 million

Goldman Sachs announced on August 18 that it has agreed to acquire LCN Capital Partners, a commercial real estate investment manager, for up to $410 million. The deal, which is expected to close by the end of 2026 pending regulatory approval, marks the firm’s second major acquisition in a week and expands its private real estate and asset management platforms.

Under the terms of the agreement, Goldman Sachs will pay an upfront consideration of approximately $260 million at closing. LCN’s owners are eligible for an additional deferred payment of up to $150 million, contingent upon the business meeting long-dated performance targets and service commitments. About 80 percent of the total consideration will be paid in Goldman Sachs stock.

LCN Capital Partners, founded in New York in 2011 by Edward V. LaPuma and Bryan York Colwell, had approximately $3 billion in assets under supervision as of June 30. The firm specializes in originating, negotiating, and managing sale-leaseback, build-to-suit, and triple-net lease investments across North America and Europe. Its investment funds have produced an average annual net cash-on-cash return of 10.8 percent since inception. LaPuma and...