Goldman Sachs Buys Sale-Leaseback Specialist LCN Capital Partners for $410M
Goldman Sachs is expanding its real estate credit platform by acquiring LCN Capital Partners, a New York-based sale-leaseback specialist. The investment giant agreed to pay $260M to acquire the private real estate firm, with an additional $150M if the firm hits long-dated performance targets.
The deal is expected to close by the end of the year and will add a portfolio worth roughly $3B to Goldman Sachs' holdings. Up to 80% of the acquisition cost will be paid in stock.
LCN's co-founder Edward LaPuma said that joining Goldman Sachs Asset Management will propel LCN into one of the leading triple-net leasing platforms.