Goldman Sachs to acquire LCN Capital Partners for up to $410 million

Published Aug 18, 12:40 PM UTC

Goldman Sachs announced an agreement to acquire LCN Capital Partners, a commercial real estate investment manager specializing in sale-leaseback and net-lease transactions, for up to $410 million. The deal includes approximately $260 million at closing plus up to $150 million in earn-out contingent on performance milestones, with about 80% paid in Goldman Sachs stock. LCN, founded in 2011 by Edward V. LaPuma and Bryan York Colwell, oversees about $3 billion in assets as of June 30, 2026, investing in North America and Europe. Upon closing, the LCN team will join Goldman Sachs Asset Management's real estate business. The acquisition is part of Goldman Sachs' broader push to expand its asset management division, following a recent agreement to acquire NEOS Investments for up to $2.25 billion. The transaction is expected to close before year-end 2026, pending regulatory approval.