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Goldman Sachs to buy sale-leaseback specialist LCN Capital Partners for $260M

The deal includes up to $150M in performance-linked incentives and is expected to add about $3B in net-lease assets to Goldman Sachs’ holdings.

Reported · Written up by our desk · Industry

Goldman Sachs agreed to acquire LCN Capital Partners, a New York-based sale-leaseback specialist, in a deal valued at $260M, with additional payout incentives of up to $150M tied to long-dated performance targets, according to Bisnow.

Goldman Sachs said the transaction is expected to close by the end of the year and will expand its real estate credit platform within Goldman Sachs Asset Management.

The acquisition is expected to bring roughly a $3B portfolio to Goldman Sachs, with up to 80% of the purchase cost paid in stock, the outlet reported.

LCN Capital Partners will join Goldman Sachs after the deal closes, bringing offices across New York, Florida, and Europe and a team of more than 40, Bisnow said. Goldman Sachs also pointed to an estimated $14T of corporate-owned properties in North America and Europe, with only a fraction currently leveraging net-lease structures.

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