Lanesborough REIT Completes the Acquisition of Fort McMurray Residential Complex

    WINNIPEG, March 13 /CNW/ - Lanesborough Real Estate Investment Trust
("LREIT") (TSX Venture: LRT.UN) announced today that it has completed the
previously announced acquisition of a 107-unit apartment and townhouse
property in Fort McMurray, known as Woodland Park. The newly constructed
property consists of a 75-suite, four-storey apartment building, with an
89-stall underground parkade, and 32 townhouses, each having an attached
two-car garage. All of the apartment and townhouse units are fully furnished.
    The purchase price of $37,865,000, subject to the usual closing
adjustments, was funded by interim first and second mortgage financing in the
total amount of $24.25 Million and the balance in cash. LREIT has secured
long-term first mortgage financing for the property in the amount of
$27.3 Million, which will bear interest at 5.43% for a five-year term. The
first mortgage will be advanced when the occupancy level of the property
reaches 70%, at which time the interim mortgages will be repaid in full. The
current occupancy level of Woodland Park is approximately 61%.

    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 17,415,828 trust units outstanding. For further information on
LREIT, please visit our website at

    This press release contains certain statements that could be considered
as forward-looking information. The forward-looking information is subject to
certain risks and uncertainties, which could result in actual results
differing materially from the forward-looking statements.

    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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Lanesborough Real Estate Investment Trust

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