LCN Capital Partners Acquires AAH HQ in Coventry, UK

Office Building Serves as Headquarters for AAH Pharmaceuticals, Lloyds Pharmacies and other McKesson UK Businesses

New York, USA & Coventry, UK – June 3, 2020 – LCN Capital Partners (“LCN”), a private real estate investment firm and a recognized leader in the primary corporate sale-leaseback and build-to-suit markets, today announced its acquisition of Sapphire Court, AAH Limited’s (“AAH”) headquarters office complex, located in Walsgrave Triangle Business Park, Coventry, UK. AAH is one of the UK’s leading distributors of pharmaceutical and healthcare products. 

Sapphire Court is comprised of two prominently positioned, interconnected HQ office buildings totalling 91,733 sq ft, and benefits from close proximity to major transport routes and a highly skilled workforce nearby. AAH have operated from this site since the late 1990’s and have recently recommitted to the buildings, refurbishing and upgrading the property at a total cost of £2.5 million. The property is fully let to AAH.

The transaction represents LCN’s entry into European healthcare, an area which has seen significant growth in recent months. Edward LaPuma, co-founder of LCN Capital Partners, said of the acquisition, “As a market-leading pharmaceutical operator, AAH is well positioned for growth in the medium to long-term, and LCN’s acquisition of their HQ office building provides our partners with a highly liquid and return-accretive single-tenant asset, as well as provides our third fund an introduction to the Life Sciences sector, which we see as a particularly attractive growth area.” This acquisition marks LCN’s fourth UK investment following the properties let to Lloyds Register, Aker Solutions, and Wood Group.

Ward Stocker, Managing Director at LCN, said of the investment, “having been acquainted with the property and the area for many years, LCN sees this transaction as a solid, long-term investment that fits squarely into LCN’s investment criteria of long-term single tenant opportunities, with credit-worthy tenants. We look forward to having AAH as a tenant, and the rest of the McKesson UK companies headquartered at the property.”

About AAH Limited

AAH is a leading distributor of pharmaceutical and healthcare products serving pharmacies, hospitals and doctors across the UK. AAH operates 16 local distribution centers which deliver over 15 million items per week to more than 14,000 pharmacies and other organisations, making AAH one of the largest pharmaceutical wholesaler within the UK. AAH offers services covering almost every aspect of the industry, from medicines manufacturers to individual patients. AAH is a part of McKesson UK. For more information, please visit:

About LCN Capital Partners

Founded in 2011 by Edward V. LaPuma and Bryan York Colwell, LCN has assets under management in excess of $3.5 billion across its three US Dollar denominated funds, and three Euro denominated funds. Headquartered in New York City, LCN also has offices in London, Amsterdam, Cologne and Luxembourg.

LCN Capital Partners is a recognized leader in the primary sale-leaseback and build-to-suit markets, where investments and leases are directly originated with corporate users of mission critical real estate. LCN delivers a long-term solution for its tenant-clients by providing a non-bank capital resource, efficient monetization of on-balance sheet real estate, continued operational control of key assets, enhanced financial metrics, and potential tax benefits. LCN’s investing partners benefit from the long-term and inflation protected distributions that it supplies. For more information, please visit:

Media Contact:
Kevin FitzGerald
Gasthalter & Co.
(212) 257-4170


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