DLA Piper advises Goldman Sachs on its acquisition of LCN Capital Partners

DLA Piper is advising the Goldman Sachs Group, Inc. (NYSE:GS) on its agreement to acquire LCN Capital Partners (LCN), a leading investment manager specializing in the sale-leaseback, build-to-suit, and triple net lease sectors of the real estate market. The transaction is expected to close by the end of 2026, subject to regulatory approval and closing conditions.

LCN has approximately $3 billion in assets under supervision as of June 30, 2026, primarily from institutions, insurers, and high-net-worth individuals. LCN originates, negotiates, invests in, and manages sale-leaseback, build-to-suit, and net lease investments across North America and Europe. Their hybrid strategy combines corporate credit and real estate to offer its investing partners predictable, inflation-protected, and tax-advantaged income plus upside potential. Simultaneously it provides its tenant-clients with an alternative capital source to enhance balance sheet efficiency by unlocking capital tied up in property.

The DLA Piper deal team is led by Partners Jamila Willis, who leads the firm’s US Restructuring Practice (New York), Bradley Phipps (Philadelphia), Stacie Trott, who leads the New York Real Estate Practice (New York), Shiukay Hung, who co-leads the National REIT Tax Practice (New York), James Knox, (London), Emma Phillips (Birmingham), Caroline Pimpaud (Luxembourg), and Sarah Bode (Toronto). The team spans more than 16 jurisdictions and is comprised of investment management, real estate, corporate, tax, and employment lawyers.

The firm’s global Investment Funds team provides a dynamic, integrated service to sponsors, fund managers and institutional investors, supported by the firm’s international tax and regulatory networks. The team advises clients on the full spectrum of private investment funds, all major investment strategies, and all stages of a private investment fund’s life cycle.

With more than 200 lawyers in our real estate and construction practice in the US and 500 globally, DLA Piper’s market-leading team offers a full range of real estate services, including acquisitions and sales, single asset, programmatic and operating company joint ventures, real estate fund formation, public and private REITs, financing, cross-border transactions, zoning and development, construction and design, leasing, restructuring, and workouts. The firm represents many of the world’s largest and most sophisticated real estate investors, owners, developers, and lenders in their most important matters.