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Goldman to buy LCN Capital Partners in up to $410 million deal
The acquisition is its fourth asset-management purchase in less than a year and comes as Goldman reported record results for its Asset & Wealth Management unit.
Goldman Sachs agreed to acquire real estate investment firm LCN Capital Partners for up to $410 million, the bank’s fourth asset-management deal in less than a year and its second purchase in under 10 days, according to Yahoo Finance.
The company said LCN’s focus on sale-leasebacks aligns with Goldman’s private real estate track record, and the deal size is positioned as a small add-on versus Goldman’s broader asset-management scale.
Despite the announcement, Goldman shares fell 1.5% on the day, while the S&P 500 dropped 0.5%, as investors weighed whether incremental acquisitions will meaningfully add to a business already growing strongly.
Goldman’s Asset & Wealth Management arm reported revenue up 20% year over year to $4.6 billion, assets under supervision topping a record $4.0 trillion for the first time, and 34 straight quarters of long-term net inflows, Yahoo Finance reported.
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