Acquisition(s)

FOR IMMEDIATE RELEASE

23rd March 2004

               LAP ACQUIRES DIXONS STORE IN SHEFFIELD FOR £7.5m                

London & Associated Properties PLC ('LAP'), the specialist investor in retail
property, today announces that it has unconditionally exchanged contracts to
acquire from Legal & General Assurance Society Ltd ('Legal & General') the
freehold of a 16,000 sq.ft. Dixons store at 58-64 Fargate, Sheffield, for £7.5
million.

The store, adjacent to LAP's highly successful Orchard Square shopping centre,
currently produces annual rental income of £407,750, which reflects a net
initial yield of 5.14%. Dixons' lease expires in 2009.

Lane Walker acted for LAP. JEMA Fund Management acted for Legal & General.

                                     Ends.                                     

Contact:

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

Baron Phillips, Baron Phillips Associates Tel: [phone]