Lanesborough REIT announces extension of maturity date of Series G debentures

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/

WINNIPEG, June 16, 2014 /CNW/ - Lanesborough Real Estate Investment Trust ("LREIT") (TSX: LRT.UN) announced today that the maturity date of its issued and outstanding 9.50% Series G redeemable subordinated secured debentures due February 28, 2015 (the "Debentures") has been extended from February 28, 2015 to June 30, 2018 (the "Extension"). The Extension was approved by the holders of the Debentures at a special meeting of such holders held on June 16, 2014. The Extension is effective June 17, 2014.

LREIT will enter into a supplemental trust indenture with the trustee for the Debentures, CIBC Mellon Trust Company, that will give effect to these amendments. This supplemental trust indenture will be filed on SEDAR by LREIT.

There are $24,873,800 principal amount of Debentures issued and outstanding. The Debentures are listed on the Toronto Stock Exchange under the trading symbol "LRT.DB.G".

Laurentian Bank Securities Inc. acted as solicitation agent of LREIT for the Extension of the Debentures.

ABOUT LREIT

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). For further information on LREIT, please visit our website at www.lreit.com.

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.

This press release contains certain statements regarding the proposed transaction described herein 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. There can be no certainty that the transaction will be completed within the timeline set forth herein or at all.

SOURCE: Lanesborough Real Estate Investment Trust

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