Lanesborough REIT announces normal course issuer bid


    WINNIPEG, Jan. 16 /CNW/ - Lanesborough Real Estate Investment Trust
("LREIT") (TSX: LRT.UN) announced today that the Toronto Stock Exchange (the
"Exchange") has approved its notice of intention to make a normal course
issuer bid for its trust units ("Units") as appropriate opportunities arise
from time to time. LREIT's normal course issuer bid will be made in accordance
with the policies of the Exchange. LREIT may purchase its Units during the
period from January 21, 2008 to January 20, 2009.
    Pursuant to the notice, LREIT intends to acquire over the next 12 months
up to 876,494 Units, representing 5% of the issued and outstanding Units.
There were 17,529,894 Units outstanding as of January 10, 2008. Purchases will
be made at market prices through the facilities of the Exchange. The average
daily trading volume of the Units for the most recently completed six calendar
months was 134,427 Units. Any tendered Units taken up and paid for by LREIT
will be cancelled. LREIT believes that the ongoing purchase by LREIT of
certain of its outstanding Units is an appropriate use of LREIT's resources at
this time due to the disparity between the market price and what LREIT
believes to be the underlying value of the Units. LREIT believes that
purchases of Units pursuant to the normal course issuer bid will benefit all
remaining Unitholders by increasing their proportionate equity interest and
voting interest in LREIT and affording liquidity to anyone who desires to sell
their Units.

    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 17,529,894 trust units outstanding. For further information on
LREIT, please visit our website at

    The Toronto Stock Exchange 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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Lanesborough Real Estate Investment Trust

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