LANESBOROUGH REIT ANNOUNCES CHANGE TO DATE OF ANNUAL GENERAL MEETING OF UNITHOLDERS

WINNIPEG, MB, June 22, 2023 /CNW/ - Lanesborough Real Estate Investment Trust ("LREIT") (TSXV: LRT.UN) announces today that its annual general meeting of unitholders, previously scheduled for June 27, 2023 at 10:00 am (Winnipeg time) (the "Original AGM"), has been cancelled. The Original AGM was cancelled due to a failure by LREIT's service providers to deliver the meeting materials for the Original AGM to the unitholders of LREIT in accordance with applicable law. LREIT apologizes to its unitholders for any inconvenience that the cancellation of the Original AGM may have caused.

A new annual general meeting of the unitholders of LREIT has been scheduled for August 22, 2023 (the "New AGM"). LREIT will prepare and deliver updated meeting materials for the New AGM to its unitholders in the coming weeks.

ABOUT LREIT

LREIT is a real estate investment trust, which is listed on the TSX Venture Exchange under the symbol LRT.UN (Trust Units). For further information on LREIT, please visit our website at www.lreit.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain statements contained in this press release are "forward-looking statements" that reflect the expectations of management regarding the Transaction. Readers are cautioned not to place undue reliance on forward-looking information. All statements other than statements of historical fact contained herein are forward-looking statements. Forward­ looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Forward­ looking statements involve significant risks and uncertainties. A number of factors that could cause actual results to differ materially from the results discussed in forward-looking statements are discussed in LREIT's management discussion and analysis for the three-month period ended March 30, 2023 available on SEDAR at www.sedar.com. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, LREIT cannot assure investors that actual results will be consistent with these forward-looking statements.

The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. Forward-looking statements are made as of the date hereof, or such other date specified in such statements, and neither LREIT nor any other person assumes any obligation to update or revise such forward-looking statements to reflect new information, events or circumstances, except as expressly required by applicable securities law.

SOURCE Lanesborough Real Estate Investment Trust

Gino Romagnoli, Chief Executive Officer, Tel: [phone], Fax: [phone], Email: [email protected]