Scrip Dividend

London & Assoc Properties PLC
3 July 2001


London & Associated Properties plc (the 'Company')

Scrip Dividend

1,226,230 new ordinary shares of 10 pence each will expect to be listed on 13
July 2001 as fully paid up under the Company's Scrip Dividend Scheme. These new
shares will rank pari passu in all respects with the existing shares of the
Company. Application has been made to the London Stock Exchange and the UK
Listing Authority for the new shares to be admitted to the Official List.


END

03 July 2001