Statement re Bank Facility

FOR IMMEDIATE RELEASE

1st July 2010

                    LONDON & ASSOCIATED PROPERTIES ("LAP")                     

          EXTENDS TERM OF REVOLVING CREDIT FACILTY TO SEPTEMBER 2012           

LAP, the specialist retail investor and developer, today announces that it has
extended its Revolving Credit Facility with RBS by 12 months, through to
September 2012, and reduced the total available facility to £60 million from £
90 million. LAP currently has £54.354 million drawn. The margin is increasing
to 1.5% (from 0.9%) and then 2.0% from September 2010.

                                     Ends.                                     

Contact:

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

Robert Corry, Finance Director, LAP.

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