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Goldman Sachs to buy LCN Capital Partners in up to $410 million deal
The deal adds LCN’s sale-leaseback and net-lease platform to Goldman Sachs Asset Management, with about 80% of the price paid in stock.
- On Tuesday, Goldman Sachs announced it will acquire commercial real estate investor LCN Capital Partners for up to $410 million, with the deal expected to close by the end of 2026.
- LCN specializes in triple-net leases where commercial tenants manage all property expenses, offering the 'predictable, inflation-protected and tax-advantaged' opportunities Goldman seeks for its $4 trillion asset-management unit.
- Roughly 80% of the $410 million deal is payable in equity, comprising an upfront payment of roughly $260 million and a deferred portion worth up to $150 million; LCN has reported annual net cash-on-cash returns of nearly 11% since 2011.
- LCN co-founders Edward LaPuma and Bryan York Colwell will join Goldman Sachs Asset Management upon completion, as Goldman CEO David M. Solomon stated the platform is 'highly attractive' for clients seeking diversified returns.
- This acquisition marks Goldman's second deal in less than 10 days, following last week's agreement to buy ETF provider Neos Investments for $2.25 billion as the bank accelerates growth in asset and wealth management.
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BizToc
BizTocGoldman Targets Asset Management Growth With $410M Deal for ‘Hands-Off’ Real Estate Firm
Make the rent check payable to Goldman Sachs, but take care of everything else yourself. On Tuesday, the Wall Street titan announced it has agreed to acquire so-called “hands-off” commercial real estate landlord LCN Capital Partners in a transaction potentially worth as much as $410 million. It’s the second deal Goldman has struck in a week focused on pushing the boundaries of its already gargantuan $4 trillion asset-management unit. Leased But …
·New York, United States
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Goldman Sachs to buy LCN Capital Partners in up to $410 million deal
·London, United Kingdom
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