Investing.com -- Goldman Sachs Group Inc said Tuesday it has agreed to acquire LCN Capital Partners, an investment manager focused on sale-leaseback, build-to-suit, and triple net lease real estate sectors. The firm manages approximately $3 billion in assets as of June 30, 2026.

The upfront transaction consideration is approximately $260 million, with up to $150 million in deferred and contingent payments tied to long-term performance targets and service commitments. About 80% of the total consideration will be paid in equity.

"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 CEO of Goldman Sachs.

LCN operates across North America and Europe, originating and managing sale-leaseback, build-to-suit, and net lease investments. The firm serves institutions, insurers, and high-net-worth individuals with a strategy that combines corporate credit and real estate.

Founded in 2011, LCN has raised 10 investment funds. The firm reports average annual net cash-on-cash returns of 10.8% since inception, with all funds ranking in the first or second quartile among closed-end real estate funds for net multiple on invested capital and distributions to paid-in capital.

Edward V. LaPuma and Bryan York Colwell, co-founders of LCN, will join Goldman Sachs Asset Management's Real Estate business along with their team upon transaction completion.

"By combining LCN's origination network and investment discipline with Goldman Sachs' unrivaled 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," said LaPuma.

The transaction is expected to close by the end of 2026, subject to regulatory approval and closing conditions.

RBC Capital Markets served as financial advisor to LCN, with McDermott Will & Schulte providing legal counsel. Goldman Sachs Global Banking & Markets acted as financial advisor to Goldman Sachs, with Wachtell, Lipton, Rosen & Katz and DLA Piper as legal counsel.