£45m JV shopping centre acquisition

FOR IMMEDIATE RELEASE

6th December 2002

LAP AND BANK OF SCOTLAND LAUNCH JV WITH £45m WINDSOR SHOPPING CENTRE
ACQUISITION

London & Associated Properties PLC ('LAP') and Bank of Scotland Corporate
Banking  today announce that they have formed a joint venture to acquire
shopping centres and other retail property investments with growth
opportunities. 

LAP will manage the properties held by the joint venture, which is named
Analytical Properties Holdings Ltd ('Analytical').

Analytical's first acquisition is the long leasehold interest in King Edward
Court, the principal shopping centre in Windsor, which it has purchased from
Teachers Pension and Annuity Fund Association ('TIAA') and clients of Delancey
Estates ('Delancey') for £45.275m.  This price represents a net initial yield
of 7.0% on net income of approximately £3.4m per annum.

Originally developed in 1979, King Edward Court comprises 155,000 sq. ft. of
retail, 27,000 sq. ft. of offices and a 960 space multi-storey car park.  The
centre is located in the town's prime shopping area and is adjacent to the
pedestrianised Peascod Street. 

King Edward Court represents the largest area in single ownership in Windsor's
shopping core and is anchored by a Fenwick's department store and a Waitrose
supermarket.  Existing occupiers also include Next, Dixons, Boots, Game and
Early Learning Centre. 

John Heller, Chief Executive of LAP, said:  'Joining forces with Bank of
Scotland has enabled us to acquire a more significant asset than we would have
been able to do on our own. It is our intention to grow the joint venture
considerably as suitable opportunities present themselves, and, to that end, we
are already examining other potential large acquisitions.

'King Edward Court is very exciting because a number of the original 25 year
leases expire in 2004.  This gives us tremendous scope to offer larger and
better configured units to both existing and new retailers.  Windsor is a
strong retailing town and we are confident that we will be able to meet the
pent-up demand from first class retailers for suitable space there'.

Pauline Bradley, Head of Joint Ventures at Bank of Scotland added:

 'This deal is the latest step in our strategy of building a portfolio of joint
venture stakes in asset backed businesses with strong growth potential. Bank of
Scotland is committed to partnership and strategic alignment to our client
base. We look forward to delivering value alongside the LAP team who have
proven retail property expertise.'

LAP and BoS were advised by Nelson Bakewell. Delancey and TIAA were advised by
DTZ.

Ends.

Contact:          London & Associated Properties PLC                     Tel:
020 7415 5000

                        John Heller, Chief Executive

                        Baron Phillips
Associates.                                         Tel: [phone]

                        Baron Phillips

Bank of Scotland                                                        Tel:
0131 243 5572

                        Mark Elliott

Out of Hours                                                               
Tel: [phone]

Beattie Financial                                                        Tel:
020 7398 3300

Ursula Durman

Notes to Editors:

Bank of Scotland

Bank of Scotland Corporate Banking is a division of HBOS plc. The HBOS Group is
a diversified financial services company providing corporate and treasury
services in addition to retail banking and business banking (SMEs) to financial
markets in the UK and overseas. All of the corporate banking activities of the
HBOS Group are conducted under 'Bank of Scotland' brand.

This transaction has been negotiated and structured by the Bank of Scotland
Joint Ventures team, which is part of Bank of Scotland Corporate Banking.  Bank
of Scotland Corporate Banking offers project and asset finance in addition to
debt, mezzanine and equity finance.

Joint Ventures is an active investor and lender to the real estate market. 
Their engagement with this market is through the provision of vertical funding
instruments

including senior debt, mezzanine and equity.  Joint Ventures invests in asset
backed transactions and, since setting up in 2000, has established a portfolio
of over 50 transactions with a total funding requirement of over GBP 4 billion.

Ends.