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Goldman Sachs agrees to buy LCN Capital Partners in up to $410M deal
The agreement includes about $260 million in upfront consideration and would expand Goldman’s private real estate platform focused on sale-leasebacks and triple-net leases.
Goldman Sachs has agreed to acquire LCN Capital Partners, a real estate investment manager focused on sale-leasebacks, build-to-suit deals, and triple-net lease investments, in a transaction valued at up to $410 million, according to ConnectCRE.
LCN manages about $3 billion in assets under supervision as of June 30, 2026, with capital drawn primarily from institutions, insurers, and high-net-worth individuals, ConnectCRE reported.
The upfront transaction consideration is approximately $260 million. Goldman said LCN’s platform is intended to complement its private real estate team’s roughly 30-year track record and expand its ability to serve insurance, institutional, and wealth client segments.
ConnectCRE said LCN originates, negotiates, invests in, and manages sale-leaseback, build-to-suit, and net lease investments across North America and Europe. The acquisition comes amid an estimated $14 trillion of corporate-owned property held on balance sheets across North America and Europe, alongside growing investor demand for the NNN asset class.