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For up to $410m, Goldman Sachs Group is acquiring LCN Capital Partners, a real estate investment manager specializing in sale-leaseback, build-to-suit and triple net lease transactions.
The risk is that about $150m of the total consideration is deferred and tied to performance targets, meaning Goldman's full price on this deal remains to be earned. LCN was established in 2011 and has raised 10 funds.
As of June 30, 2026, the firm supervised approximately $3bn in assets, with capital drawn primarily from institutions, insurers and high-net-worth individuals.
It operates across North America and Europe, structuring deals at the intersection of corporate credit and property that give tenant companies another way to access capital from their real estate holdings.
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