Lanesborough REIT announces appointment of Chief Executive Officer

WINNIPEG, Dec. 23, 2016 /CNW/ - Lanesborough Real Estate Investment Trust ("LREIT") (TSX: LRT.UN) is pleased to announce that the board of trustees has appointed Mr. Gino Romagnoli as the new Chief Executive Officer of LREIT, effective January 1, 2017. Mr. Romagnoli has served LREIT in an investor relations capacity since the inception of LREIT in 2002. He was involved in LREIT's initial public offering, and all subsequent equity and debt offerings, and has also been responsible for LREIT's regulatory reporting requirements. Mr. Romagnoli's services are being provided to LREIT pursuant to the services agreement entered into between LREIT and Shelter Canadian Properties Limited ("Shelter").

Mr. Arni Thorsteinson, who has served as Chief Executive Officer of LREIT since its inception, will continue to serve LREIT as vice chairman and trustee and will provide valuable guidance as LREIT continues to focus on its divestiture program and debt restructuring.

Mr. Romagnoli holds a CPA, CGA designation. He has 33 years of experience in the real estate industry serving in various senior capacities with Shelter. Mr. Romagnoli also served as Executive Vice President of Temple Hotels Inc. until April 1, 2016 where he was involved in all aspects of Temple's operations since its inception in 2005.

ABOUT LREIT

LREIT is a real estate investment trust, which is listed on the Toronto Stock Exchange under the symbols LRT.UN (Trust Units) and LRT.DB.G (Series G Debentures). 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: info@lreit.com