LAP SELLS BRUNEL CENTRE FOR GBP12.22M

FOR IMMEDIATE RELEASE

2nd December 2003

 LONDON & ASSOCIATED PROPERTIES PLC SELLS BRUNEL CENTRE, BLETCHLEY FOR £12.22m 

London & Associated Properties PLC ('LAP'), the specialist shopping centre
investor, today announces that it has sold the 100,000 sq ft Brunel Centre in
Bletchley to Insight Investment acting on behalf of Clerical Medical Managed
Funds Limited for £12.22m cash, reflecting a net initial yield of 6.8%.

The disposal is in line with LAP's strategy of selling its smaller, non-core,
retail investments and focusing resources on larger shopping centres. Over the
past two years LAP's total disposals, including this latest sale, amounts to £
19.6m.

LAP acquired the Brunel Centre in 1993 at a cost of £4.1m and since then has
invested in both refurbishing and extending the shopping centre to its present
size. It has just completed construction of the Wetherburn Court extension to
the centre, a new building of approximately 35,000 sq ft.

The Brunel Centre currently generates gross annual rental income of
approximately £840,000 from a wide variety of national retailers including
Wilkinsons, Boots, WH Smith and Dolland & Aitchinson. In addition there is
parking for 280 cars.

In LAP's last accounts, covering the 12 months to 31st December 2002, the
Brunel Centre was valued at £9.86m. In addition, construction costs associated
with Wetherburn Court of £1.70m have been incurred during 2003.

John Heller, Chief Executive of LAP, said: 'The sale of the Brunel Centre
follows our stated corporate strategy of selling our smaller, non-core, retail
investments and focusing on the expansion of our portfolio of larger shopping
centres. Today we own and manage over £200m of key shopping centres around the
country. Earlier this year we acquired the 350,000 sq ft Church Square Shopping
Centre in St Helens in a joint venture with the Bank of Scotland for £50m.'

LAP was advised by Donaldsons in the sale while Jones Lang LaSalle acted for
the purchasers.

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Contact: London & Associated Properties PLC Tel: [phone]

John Heller, Chief Executive or Robert Corry, Finance Director

Baron Phillips Associates Tel: [phone]

Baron Phillips