WINNIPEG, Oct. 16, 2012 /CNW/ - Lanesborough Real Estate Investment
Trust ("LREIT") (TSX: LRT.UN) is pleased to announce the appointment of
Douglas N. Wells as Executive Vice President of LREIT.
Mr. Wells is the newly appointed Chief Investment Officer of Shelter
Canadian Properties Limited ("Shelter") and his services are being
provided to LREIT pursuant to the services agreement entered into
between LREIT and Shelter. Mr. Wells will have primary responsibility
for operations, capital markets and acquisitions for LREIT and report
to Arni C. Thorsteinson the Chief Executive Officer of LREIT.
Mr. Wells has an extensive background in real estate capital markets,
operations and portfolio management. Prior to joing Shelter, Mr Wells
was most recently employed as a Managing Principal of Lazard Real
Estate Partners, LLC the real estate investment management business of
Lazard Freres & Co (collectively "Lazard") in the New York office. Mr
Wells started his real estate career with Shelter in 1988.
During his 15 year tenure at Lazard, Mr Wells represented the Lazard
sponsored real estate funds on numerous public and private boards,
including Atria Senior Living Group, LLC and CenterTrust, Inc (formerly
traded CTA:NYSE). Mr. Wells also served as President and a board
member of InTown Suites, Inc (a Lazard portfolio company), an Atlanta
based extended-stay hotel company with 127 hotels and 1,200 employees
from 2004 to 2007.
LREIT is a real estate investment trust, which is listed on the Toronto
Stock Exchange under the symbols LRT.UN (Trust Units), LRT.DB.G (Series
G Debentures), LRT.NT.A (Second Mortgage Bonds due December 24, 2015),
LRT.WT (Warrants expiring March 9, 2015) and LRT.WT.A (Warrants
expiring December 23, 2015). The objective of LREIT is to provide
Unitholders with stable cash distributions from investment in a
diversified portfolio of quality real estate properties. For further
information on LREIT, please visit our website at www.lreit.com.
The Toronto Stock Exchange has not reviewed or approved the contents of
this press release and does not accept responsibility for the adequacy
or accuracy of this press release.
SOURCE: Lanesborough Real Estate Investment Trust
For further information:
Arni Thorsteinson, Chief Executive Officer, or Gino Romagnoli, Investor Relations
Tel: (204) 475-9090, Fax: (204) 452-5505, Email: firstname.lastname@example.org