Lanesborough REIT Announces Future Plans and Trustee Resignations


WINNIPEG, MB, July 4, 2024 – Lanesborough Real Estate Investment Trust (“LREIT“) (TSXV: LRT.UN) today provided an update on its plans for future operations after unitholders failed to approve the sale of all its properties at the annual general and special meeting held on June 27, 2024. As previously announced, LREIT had total liabilities of $201,055,897 as of March 31, 2024, including $159,169,309 owed to related parties 2668921 Manitoba Ltd. and Shelter Canadian Properties Ltd. (“Shelter“), and has no prospect of raising the capital to repay these amounts.

Shelter will immediately cease providing most administrative services to LREIT due to LREIT’s inability to pay outstanding amounts. As a result, LREIT will no longer make ongoing public disclosures, including filing financial statements, in accordance with applicable securities laws or pay the fees of the TSX Venture Exchange (“TSXV“). Consequently, LREIT’s management anticipates that a cease trade order with respect to its securities will be issued by The Manitoba Securities Commission or other securities regulatory authorities in the near future. LREIT also expects that trading in its securities will be halted by the TSXV and its listing will move to the NEX board of the TSXV.

LREIT also announced the resignations of Charles K. Loewen and Earl S. Coleman as independent trustees. Arni Thorsteinson is now the sole trustee of LREIT.

Subject to LREIT’s financial constraints, management plans to continue operating LREIT’s business in the ordinary course as much as possible.


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

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 . 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