Windsor Redevelopment Underway

FOR IMMEDIATE RELEASE

17th February 2005

          REDEVELOPMENT OF KING EDWARD COURT, WINDSOR, GETS UNDERWAY           

London & Associated Properties PLC ('LAP') today annnounces that the partial
redevelopment of King Edward Court, Windsor, is now underway with the
demolition of a number of old buildings on the site.

The scheme, which is owned in joint venture with the Bank of Scotland, will
create over 100,000 sq ft of modern retail space and a 113-bed hotel. As a
result King Edward Court will comprise more than 215,000 sq ft of retail space
and a Travelodge hotel.

Virtually all the new retail space has been pre-let to Waitrose, Zara, New Look
and H&M. These units will generate annual rents of £2.15m on completion with a
further £250,000 of income to come from space still to let.

                                     Ends.                                     

Contact:

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

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