Redemption of debentures

London & Assoc Properties PLC
7 November 2001


FOR IMMEDIATE RELEASE
7th November 2001

                     LONDON & ASSOCIATED PROPERTIES PLC:
 REDEMPTION OF DEBENTURE STOCK AND CANCELLATION OF RIGHTS TO CONVERT TO 4.64m
                               ORDINARY SHARES

London & Associated Properties PLC ('LAP'), the specialist retail property
investor, today announces the redemption of its £580,000 10.5% Convertible and
its £420,000 10.5% Non-Convertible debenture stocks 2010.  The convertible
element of the stock had rights to convert into 4,640,000 ordinary shares at
12.5p per share.  These shares formed the vast majority of the difference
between the net asset value per share and the fully diluted net asset value
per share.

The aggregate cost of this transaction is £1.71m, which will be funded from
some of the proceeds of recent investment sales.

This transaction improves the fully diluted Net Asset Value (based on 31st
December 2000 figures) by 1.91p to 62.42p per share and also reduces the FRS
13 adjustment by 0.38p per share after tax to 4.90p per share.

Robert Corry, Finance Director, said: 'This is a good deal for the company.
It is cost neutral and removes the large number of shares that would be issued
on conversion of the loan stock. It improves Net Asset Value per share and it
reduces the average cost of debt for the company to 7.2% from 7.33%.'

                                    Ends.



Contact:

            London & Associated Properties PLC            Tel: [phone]
            Robert Corry, Finance Director
            John Heller, Chief Executive
            Baron Phillips Associates                     Tel: [phone]
            Baron Phillips