Lanesborough REIT Announces Appointment of Executive Vice President

WINNIPEG, Oct. 16, 2012 /CNW/ - Lanesborough Real Estate Investment Trust ("LREIT") (TSX: LRT.UN) is pleased to announce the appointment of Douglas N. Wells as Executive Vice President of LREIT.

Mr. Wells is the newly appointed Chief Investment Officer of Shelter Canadian Properties Limited ("Shelter") and his services are being provided to LREIT pursuant to the services agreement entered into between LREIT and Shelter. Mr. Wells will have primary responsibility for operations, capital markets and acquisitions for LREIT and report to Arni C. Thorsteinson the Chief Executive Officer of LREIT.

Mr. Wells has an extensive background in real estate capital markets, operations and portfolio management. Prior to joing Shelter, Mr Wells was most recently employed as a Managing Principal of Lazard Real Estate Partners, LLC the real estate investment management business of Lazard Freres & Co (collectively "Lazard") in the New York office. Mr Wells started his real estate career with Shelter in 1988.

During his 15 year tenure at Lazard, Mr Wells represented the Lazard sponsored real estate funds on numerous public and private boards, including Atria Senior Living Group, LLC and CenterTrust, Inc (formerly traded CTA:NYSE).  Mr. Wells also served as President and a board member of InTown Suites, Inc (a Lazard portfolio company), an Atlanta based extended-stay hotel company with 127 hotels and 1,200 employees from 2004 to 2007.

LREIT is a real estate investment trust, which is listed on the Toronto Stock Exchange under the symbols LRT.UN (Trust Units), LRT.DB.G (Series G Debentures), LRT.NT.A (Second Mortgage Bonds due December 24, 2015), LRT.WT (Warrants expiring March 9, 2015) and LRT.WT.A (Warrants expiring December 23, 2015).  The objective of LREIT is to provide Unitholders with stable cash distributions from investment in a diversified portfolio of quality real estate properties.  For further information on LREIT, please visit our website at www.lreit.com.

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.

SOURCE: Lanesborough Real Estate Investment Trust

Arni Thorsteinson, Chief Executive Officer, or Gino Romagnoli, Investor Relations
Tel: [phone], Fax: [phone], Email: [email protected]