Lanesborough REIT announces issuance of options

    WINNIPEG, Jan. 7 /CNW/ - Lanesborough Real Estate Investment Trust
("LREIT") (TSX: LRT.UN) announced today the issuance of an aggregate of
370,000 incentive options ("Options") to purchase its trust units ("Units"),
exercisable at $5.10 per Unit to each of the independent trustees, the Chief
Executive Officer ("CEO") and the Chief Financial Officer of LREIT and to a
total of 20 management and other senior employees of Shelter Canadian
Properties Limited who are engaged in LREIT related functions. The Options
issued to the four independent trustees will vest immediately, while the
balance of the Options will vest equally on each of the grant date and the
first, second, third and fourth anniversaries of the grant date. The Options
have been issued pursuant to LREIT's unit option plan.
    The Units issued upon exercise of the Options will be subject to a
minimum hold period of four months and a day from the date of the grant of the

    LREIT is a real estate investment trust, which is listed on the Toronto
Stock Exchange under the symbol LRT.UN. The objective of LREIT is to provide
Unitholders with stable cash distributions from investment in a geographically
diversified Canadian portfolio of quality real estate properties. There are
currently 17,516,634 trust units outstanding. For further information on
LREIT, please visit our website at

    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,

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