WINNIPEG, MB, January 21, 2022 /CNW/ – Lanesborough Real Estate Investment Trust (“LREIT“) (TSXV: LRT.UN) announces that holders (“Debentureholders“) of its outstanding Series G 5.00% Redeemable Subordinated Secured Debentures June 30, 2022 (the “Debentures“) passed a motion at the special meeting of debentureholders held today (the “Meeting“) adjourning the Assembly until February 11, 2022 at 3:00 p.m. (central time). The deadline for submitting proxies for the adjourned Meeting is now February 10, 2022 at 5:30 p.m. (Eastern time).

At the Meeting, Debentureholders will consider a special resolution approving the exchange of Debentures and all accrued or unpaid interest due thereon since and including January 1, 2016 up to, but not including, the date of exchange for trust units in the capital of LREIT (collectively, the “Exchange operation“). Further information on the exchange transaction is described in LREIT’s information circular dated November 22, 2021 to Debentureholders in connection with the Exchange Transaction, as well as in LREIT’s other continuous disclosure documents available on SEDAR (www.sedar.com).

ABOUT LREIT

LREIT is a real estate investment trust listed on the TSX Venture Exchange under the symbols LRT.UN (trust units) and LRT.DB.G (Series G debentures). For more information about LREIT, please visit our website at www.lreit.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain statements contained in this press release are “forward-looking statements” that reflect management’s expectations regarding the exchange transaction. Readers are cautioned not to place undue reliance on forward-looking information. All statements other than statements of historical facts contained herein are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “plan”, “predict”, “potential”, “targeting”, “intend”, “could”, “could”, “should”, “believe” and similar expressions. These forward-looking statements reflect management’s current beliefs and are based on information currently available to management. Forward-looking statements involve significant risks and uncertainties. A number of factors that could cause actual results to differ materially from the results discussed in the forward-looking statements are discussed in LREIT’s MD&A for the nine-month period ended. September 30, 2021 available on SEDAR at www.sedar.com. Although the forward-looking statements contained herein are based on what management believes to be reasonable assumptions, LREIT cannot assure investors that actual results will be consistent with such forward-looking statements.

The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. Forward-looking statements are made as of the date hereof, or such other date as may be specified in such statements, and neither LREIT nor any other person undertakes any obligation to update or revise such forward-looking statements to reflect new information, events or circumstances, except as expressly required by applicable securities laws.

SOURCE Lanesborough Real Estate Investment Trust

For further information: Gino Romagnoli, Managing Director, or Arni Thorsteinson, Vice President, Tel. : (204) 475-9090, Fax. : (204) 452-5505, Email: [email protected]