LANESBOROUGH REIT ANNOUNCES THE ADJOURNMENT OF ITS PREVIOUSLY ANNOUNCED SPECIAL MEETING OF DEBENTUREHOLDERS

WINNIPEG, MB, Dec. 21, 2021 /CNW/ - Lanesborough Real Estate Investment Trust ("LREIT") (TSXV: LRT.UN) announces that the holders ("Debentureholders") of its outstanding 5.00% Series G redeemable subordinated secured debentures due June 30, 2022 (the "Debentures") passed a motion at the special meeting of the Debentureholders held today (the "Meeting") adjourning the Meeting until January 11, 2022 at 3:00 p.m. (Central time) due to the challenge of facilitating the participation of Debentureholders during the holiday season. The deadline for depositing proxies for the adjourned Meeting is now January 10, 2022 at 5:30 p.m. (Eastern time).

At the Meeting, the Debentureholders will consider an extraordinary resolution approving the exchange of the Debentures, and all the accrued or unpaid interest owing thereon from and including January 1, 2016 to but not including the date of the exchange, for trust units in the capital of LREIT (collectively, the "Exchange Transaction"). Further information about the Exchange Transaction is described in the information circular of LREIT dated November 22, 2021 sent to Debentureholders with respect to the Exchange Transaction, as well as in other LREIT continuous disclosure filings available on SEDAR (www.sedar.com).

ABOUT LREIT

LREIT is a real estate investment trust, which is listed on the TSX Venture Exchange under the symbols LRT.UN (Trust Units) and LRT.DB.G (Series G Debentures). 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 Exchange 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 six-month period ended June 30, 2021 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