Goldman Sachs Agrees to Acquire Real Estate Firm LCN Capital Partners for Up to $410 Million
Goldman Sachs has agreed to acquire real estate investment manager LCN Capital Partners in a deal potentially worth up to $410 million. The acquisition will expand Goldman's capabilities in sale-leaseback, build-to-suit and triple net lease investments. As of June 30, 2026, LCN managed approximately $3 billion in assets across North America and Europe. Under the terms of the deal, Goldman Sachs will pay around $260 million upfront with an additional $150 million contingent on long-term performance targets. Approximately 80% of the total consideration is expected to be paid in equity. The acquisition aims to enhance Goldman's real estate platform and provide more investment strategies for institutional and wealth management clients. Founded in 2011, LCN has a strong track record with average annual net cash-on-cash returns of 10.8%. Its co-founders will join Goldman Sachs upon completion of the acquisition, expected by year-end 2026 subject to regulatory approvals.
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