Goldman Sachs has announced it will purchase real estate investment manager LCN Capital Partners for approximately $260m (£192m).

In addition to the upfront transaction, another $150m is subject to the achievement of specific long-dated performance targets and service commitments. The parties said roughly 80 per cent of the total transaction will be paid in equity.

LCN was founded in 2011 and specialises in the sale-leaseback, build-to-suit, and triple net lease sectors in North America and Europe. The firm has $3bn in assets under supervision and, since inception, has raised 10 investment funds that aim to outperform credit and real estate alternatives.

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“LCN’s differentiated platform is highly attractive for our asset & wealth management clients who want diversified sources of returns and offers corporate clients innovative capital solutions,” said David M. Solomon, chairman and chief executive of Goldman Sachs.

The combination will see Goldman’s asset management’s franchise strengthen LCN’s capital base, which is supported by limited partner relationships across pension, insurance, family office, and high-net-worth investors.

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For the transaction, Goldman was advised by its own banking and markets division, with Wachtell, Lipton, Rosen & Katz and DLA Piper retained as legal counsel. LCN was advised by RBC Capital Markets as financial advisor and McDermott Will & Schulte as legal counsel.

The transaction is expected to close by the end of 2026, subject to regulatory approval and closing conditions. Upon completion, LCN’s investment team – led by co-founders Edward V. LaPuma and Bryan York Colwell – will join the real estate business within Goldman.

“By combining LCN’s origination network and investment discipline with Goldman Sachs’ unrivalled corporate relationships, global distribution, and client experience teams, we can better serve our investing and tenant partners at a scale no independent firm could match — and become an industry leading platform in triple net lease investing,” said LaPuma.

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