Key facts
- Goldman Sachs is acquiring LCN Capital Partners for up to $410 million.
- The acquisition includes an upfront payment of $260 million and a potential additional $150 million based on future performance.
- About 80% of the deal's value will be settled in Goldman Sachs stock.
- LCN Capital Partners focuses on commercial real estate sale-leaseback and net-lease transactions.
- The deal is anticipated to be finalized by the end of 2026.
Goldman Sachs has announced its intention to acquire commercial real estate investor LCN Capital Partners for a total consideration of up to $410 million. The transaction, expected to conclude by the end of 2026, involves an upfront payment of approximately $260 million, with an additional potential payout of up to $150 million contingent on future performance targets and service commitments. A significant portion, about 80%, of the total payment will be made in Goldman Sachs stock.
LCN Capital Partners, established in 2011 by Edward V. LaPuma and Bryan York Colwell, specializes in sale-leaseback and net-lease transactions within the commercial real estate sector. Goldman Sachs views LCN's platform as attractive for its asset and wealth management clients seeking diversified returns and for providing corporate clients with innovative capital solutions.
Goldman Sachs' global banking and markets division served as the financial advisor for the deal, while RBC Capital Markets advised LCN. The acquisition aligns with a broader trend of capital moving towards foundational infrastructure and specialized financial solutions, as indicated by recent venture capital trends focusing on essential technologies and physical assets.