£4.85m Retail Centre Sale

FOR IMMEDIATE RELEASE

16th February 2005

               LAP SELLS MOOR CENTRE, BRIERLEY HILL, FOR £4.85M                

London & Associated Properties PLC ('LAP') today announces that it has sold the
Moor Centre, Brierley Hill, West Midlands to Brierley Hill Estates for £4.85m
cash., compared to the last published book value as at 31st December 2003 of £
3.9m. Proceeds from the sale will be added to LAP's existing resources enabling
it to take advantage of opportunities as they arise.

Comprising more than 20 retail units, Moor Centre generates annual rents of £
293,000 from tenants that include Boots, Iceland, Peacocks and Pizza Hut. The
sale reflects LAP's strategy of selling mature assets.

Rowley Hughes Thompson acted for LAP and the purchasers were advised by Mason &
Partners.

                                     Ends.                                     

Contact:

John Heller, Chief Executive, LAP. Tel: [phone]

Baron Phillips, Baron Phillips Associates. Tel: [phone]