Interim Management Statement

FOR IMMEDIATE RELEASE

4 November 2009

                      LONDON & ASSOCIATED PROPERTIES PLC:                      

                         INTERIM MANAGEMENT STATEMENT                          

London & Associated Properties PLC ("LAP" or "the Company"), the specialist
retail property investor, today releases its Interim Management Statement for
the period to 4 November 2009.

LAP reported at the time of its half year statement, covering the six months to
30 June 2009, that it had experienced very low tenant failure and strong cash
collection. This has continued into the third quarter with over 95% of rents
being collected within 14 days of becoming due, while as at today's date
approximately 99% of all rents have been collected. Across the portfolio there
is vacancy rate of less than 2%.

The Company has now completed its redevelopment at Upper Street, Islington and
has handed over the building to the tenant, fashion retailer Jack Wills. The
lease completed on 29 September. As part of the agreement the fashion retailer
was given a three month rent-free incentive and will therefore commence rental
payments from the beginning of January 2010 for a lease that runs until 2019.

LAP's other development, the former Antiquarius building on King's Road,
Chelsea, is complete and the Company handed over the property to the tenant, US
fashion retailer Anthropologie, on 23 October 2009. The lease to Anthropologie
is for 15 years. The tenant received an 18 week rent-free incentive and will
commence rental payments in February 2010.

These two properties, amounting to 28,000 sq ft, have cost around £2.25m to
develop, including all fees, and will produce a combined annual rental income
of £1.5m, an incremental £0.8m per annum over the previous leases.

At the beginning of October, LAP announced the sale of its Solihull retail
investment for £11.45m to the Universities Superannuation Scheme. The property
was valued at £12.75m in the December 2008 year-end accounts. This sale was
completed in September and £9.6m of the proceeds were used to pay down a
revolving credit facility. The balance was added to the Company's cash
reserves.

There has been no material change to the Company's financial position since its
half-year report and LAP continues to be cautiously optimistic about the
future.

                                     Ends.                                     

Contact:

London & Associated Properties. Tel: [phone]

John Heller, Chief Executive

Robert Corry, Finance Director

Baron Phillips Associates Tel: [phone]

Baron Phillips