Further Lettings at Windsor

DRAFT 4 6 Jan 05

FOR IMMEDIATE RELEASE

10th January 2005

         WAITROSE AND ZARA PRE-LET IN LAP'S KING EDWARD COURT, WINDSOR         

London & Associated Properties PLC ('LAP') today announces that it has pre-let
42,500 sq ft of retail space to supermarket group Waitrose, at an annual rent
of £700,000, in the partial redevelopment of King Edward Court, Windsor.

LAP also announces that it has agreed terms with fashion retailer Zara for the
pre-let of a 17,000 sq ft store.

As a result of these two pre-lets, more than 90% of the available retail space
in the redevelopment is now committed.

Waitrose and Zara join New Look and H&M which committed earlier this year to
the 100,000 sq ft retail element of the redevelopment at King Edward Court,
which LAP owns in joint venture with the Bank of Scotland.

The redevelopment is planned to get underway next month and completion is
anticipated for the end of 2006. Following completion, the redevelopment will
increase King Edward Court's retail content by 60,000 sq ft to over 215,000 sq
ft.

These pre-lets will produce combined annual rents of £2.15 million on
completion, and there is a further estimated £250,000 per annum of space still
to let. This compares favourably with the passing rent of £1.1 million in this
part of the centre.

LAP was represented by Gooch Cunliffe Whale while Zara was advised by Harper
Dennis Hobbs and Waitrose by its own in-house property team.

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Contact:

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

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