Early warning report filed in respect of Lanesborough Real Estate Investment Trust

    WINNIPEG, Jan. 31 /CNW/ - Arni C. Thorsteinson, Chief Executive Officer
and a trustee of Lanesborough Real Estate Investment Trust ("LREIT") (TSX:
LRT.UN) announced today he acquired ownership and control of an aggregate of
300,000 trust units ("Units") of LREIT. Immediately after the acquisition of
the Units, Mr. Thorsteinson beneficially owns or controls 1,895,600 Units
representing 10.64% of the issued and outstanding Units. Mr. Thorsteinson also
holds options to acquire an aggregate of 357,500 Units. The Units were
acquired for investment purposes and purchased on the Toronto Stock Exchange.
Mr. Thorsteinson may, depending on market and other conditions, increase or
decrease beneficial ownership of, or control or direction over, Units through
market transactions, treasury issuances, the exercise of options, convertible
securities or otherwise.
    An early warning report in respect of the above-noted transaction will be
filed on SEDAR and will be available at www.sedar.com.

    The TSX 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.

For further information:

For further information: Arni Thorsteinson, Chief Executive Officer, or
Gino Romagnoli, Investor Relations, Tel: (204) 475-9090, Fax: (204) 452-5505,
Email: info@lreit.com

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