Goldman Sachs Buys LCN Capital Partners for $410M Net-Lease Push

Goldman Sachs has announced its acquisition of LCN Capital Partners for up to $410M, expanding its private real estate investing platform. The deal brings in LCN's founders, Edward LaPuma and Bryan Colwell, and their team, who will integrate with Goldman's platform after the close.

The acquisition highlights a surge in asset managers targeting net-lease investments as a source of steady income. Net-lease deals allow corporations to keep real estate off their balance sheets while providing investors with bond-like income streams backed by corporate credit quality.

Goldman's move follows recent large-scale acquisitions in the real estate credit space, including Carlyle's $3B iStar net-lease buy and Blue Owl's acquisition of Oak Street Real Estate Capital. The bank's private markets platform will leverage LCN's networks to source more corporate sale-leasebacks across multiple asset types.