LANESBOROUGH REIT ANNOUNCES THAT RESOLUTION TO APPROVE THE SALE OF ALL OF ITS PROPERTIES NOT PASSED BY UNITHOLDERS

WINNIPEG, MB, June 27, 2024 /CNW/ - Lanesborough Real Estate Investment Trust ("LREIT") (TSXV: LRT.UN) announces today that on June 27, 2024, at the annual general and special meeting (the "Meeting") of holders ("Unitholders") of trust units of LREIT, the special resolution of Unitholders to approve the previously announced proposal to sell eleven properties and a vacant land investment property, representing all or substantially all of the assets of LREIT, to 7254751 Manitoba Ltd. ("725") for aggregate consideration of $41,683,800 (collectively, the "Sale Transaction") was not approved. Due to the fact that the resolution to approve the Sale Transaction was not approved by Unitholders, the special resolution to approve the previously announced proposal to wind-up and terminate LREIT was not considered at the Meeting.

As the Sale Transaction was not approved by Unitholders, the Sale Transaction will not proceed and the asset purchase agreements between LREIT and 725 will be terminated.

In light of the results of the Meeting, management of LREIT will be considering the options available to it and will provide an update in due course.

At the Meeting the Unitholders approved the re-election of the independent trustees of LREIT and the appointment of MNP LLP as auditor of LREIT.

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 LREIT. 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 31, 2024 available on SEDAR+ at www.sedarplus.ca. 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

FOR FURTHER INFORMATION PLEASE CONTACT: Gino Romagnoli, Chief Executive Officer, or Arni Thorsteinson, Vice-Chair Tel: [phone], Fax: [phone], Email: [email protected]