Lanesborough REIT announces October 2008 distribution

    WINNIPEG, Oct. 22 /CNW/ - Lanesborough Real Estate Investment Trust
("LREIT") (TSX: LRT.UN) announced today a distribution of $0.04667 per unit
($0.56 per unit on an annualized basis) for the month of October 2008. Payment
will be made on November 15, 2008 to the Unitholders of record as of
October 31, 2008.

    LREIT is a real estate investment trust, which is listed on the Toronto
Stock Exchange under the symbols LRT.UN (trust units), LRT.DB.F and LRT.DB.G
(convertible debentures). 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
17,534,629 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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