Goldman Sachs will acquire LCN Capital Partners, a commercial real estate investor. The deal is valued at up to $410 million. LCN Capital Partners specializes in sale-leaseback and net-lease transactions.
The deal includes a $260 million upfront payment. It also features up to $150 million in deferred and performance-based consideration. Goldman Sachs will make approximately 80% of the total payment in its stock.
Goldman Sachs Asset Management will integrate LCN. LCN manages about $3 billion in assets under supervision.
The acquisition broadens Goldman's offerings for asset and wealth management clients. It provides diversified return sources and innovative capital solutions for corporate clients.
LCN's leadership team will join Goldman's real estate division. This team includes co-founders Edward V. LaPuma and Bryan York Colwell.
The transaction is expected to close by the end of 2026.