Further STG 40m loans hedged

FOR IMMEDIATE RELEASE

6th December 2007

LAP HEDGES FURTHER £40M OF BORROWINGS TAKING TOTAL ANNUAL SAVINGS TO MORE THAN 
                                     £2.4M                                     

London & Associated Properties PLC ("LAP" or "the Company"), the retail and
London focused property investor, today announces that it has hedged a further
£40m of bank facilities at 4.685% plus margin resulting in annual interest
charge savings of approximately £326,000 as at today.

This follows last week's announcement that the Company had hedged a total of £
105m of drawn facilities at 4.76% plus margin resulting in an overall saving of
£2.1m on annual interest charges.

As a result LAP has cut its interest charges by a total of £2.4m annually and
the savings take immediate effect. LAP is now fully hedged on all its term
loans.

                                     Ends.                                     

Contact:

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

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