Lanesborough REIT increases revolving loan facility

    WINNIPEG, Sept. 2 /CNW/ - Lanesborough Real Estate Investment Trust
("LREIT") (TSX: LRT.UN) announced today that its revolving loan commitment
from 2668921 Manitoba Ltd. ("2668921") has been increased from $2.7 million to
$5.0 million. Advances under the revolving loan commitment will continue to be
secured by a third mortgage charge on the Riverside Terrace property in
Saskatoon, Saskatchewan, will bear interest at 7.5% and are repayable on June
30, 2010.
    The increase in the revolving loan commitment was approved by the
independent trustees of LREIT. Arni Thorsteinson, the Chief Executive Office
and a trustee of LREIT, is also the President of Shelter Canadian Properties
Limited and its parent company, 2668921. Accordingly, Mr. Thorsteinson
abstained from voting on the approval of this matter.

    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. For further information
on LREIT, please visit our website at

    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.

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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