Leste Group Portfolio Company Focused on Equity and Debt Investments for U.S. Net Lease Properties

LNL Capital (“the Company”), a provider of capital solutions to the net lease real estate sector, today announced it has exceeded $800 million in assets under management and is on track to reach $1 billion AUM by the end of 2025. A portfolio company of Leste Group (“Leste”), a global alternative investment manager, LNL Capital focuses on structured equity and debt investments, for sale-leasebacks, build-to-suit (“BTS”), portfolio acquisitions, and other net lease properties throughout the U.S.

LNL Capital was launched in 2023 by Founder and CEO Joseph Yiu, former CIO of ElmTree Funds, to increase Leste’s exposure in the net lease sector. LNL Capital manages investments on behalf of insurance companies, endowments, foundations, pension plans, family offices, RIAs, and other asset managers across the U.S. and Latin America.

“Net lease real estate has shown to be a resilient investment that is less exposed to current market pressures due to long-term leases associated with the asset class,” said Yiu. “Our strong pipeline of attractive investment opportunities has LNL Capital poised to grow to as much as $2 billion of annual deployment by 2027.”

LNL Capital recently announced that Todd Stender has been appointed as Managing Director, supporting capital formation and investor relations initiatives. Stender was previously a Senior Director at Irvine Company, a private real estate investor, and a Managing Director at Wells Fargo Securities where he led the net lease equity REIT research team.

“Demand for net lease equity and debt solutions for retail, industrial, and other property types continues to grow due to corporations and franchisees expanding their footprints, ongoing demand from corporations to enter sale leaseback transactions, and property owners’ need to refinance legacy assets,” said Stender. “It’s a very exciting time for this strategy, and I am thrilled to be part of the outstanding team at LNL Capital.”

Mac Johnson also recently joined LNL Capital as a senior associate, underwriting new investments. Previously, Johnson was an underwriter at Spirit Realty Capital, a Dallas-based REIT acquired by Realty Income in 2024. Before that, he was a commercial real estate credit analyst at Bank of America Merrill Lynch. Stender and Johnson work closely with ElmTree alumni Andrew Truetzel, who joined LNL Capital as a Director in 2024.

The Company’s recent investments have included construction financing for tire and auto facilities leased to a private equity-backed automotive repair company, a preferred equity loan for the construction of a cold-storage facility leased to a Fortune 500 corporation, and an acquisition bridge loan for multiple car wash locations.

“With banks continuing to tighten lending criteria, lowered financing advance rates, and increased borrowing costs, we see ample opportunity for LNL Capital to continue providing much needed investment,” added Stephan de Sabrit, Managing Partner of Leste Group.

Leste’s private credit strategy, which has been active for close to a decade, is led by de Sabrit and industry veterans Mark Hong and Ricardo Gennari.

About LNL Capital

LNL Capital, the Net Lease real estate strategy of Leste Group, is focused on providing capital solutions to the US net lease real estate sector. The firm’s investment strategy is driven by predictable cash flow and follows a bottom-up approach that spans across the capital structure, from senior loans to joint-venture equity. For more information, visit lnlcap.com.

About Leste Group

Founded in 2014, Miami-based Leste Group is a global independent alternative investment manager guided by core values of respect, creativity, and teamwork. The firm offers investors a diverse range of strategies across real estate, credit, private equity and special situations. Leste Group's investment teams leverage institutional-grade processes, a nimble, entrepreneurial approach, capital markets expertise, and exclusive networks to source unique opportunities and drive consistent risk-adjusted returns. To learn more information on Leste Group, please visit leste.com.

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