Interim Management Statement

FOR IMMEDIATE RELEASE

11 June 2008

                      LONDON & ASSOCIATED PROPERTIES PLC:                      

                         INTERIM MANAGEMENT STATEMENT                          

London & Associated Properties PLC ("LAP" or "the Company"), the UK shopping
centre and Central London property investment company, held its Annual General
Meeting today at which Michael Heller, Chairman, gave a trading update for the
period since 1 January 2008.

He told shareholders that he is satisfied with LAP's performance so far in
2008. He said: "Our strategy of selling mature properties has left us in a
strong position, while our remaining core portfolio continues to perform at
record levels even in the current uncertain climate."

LAP continues to benefit from its well-documented strategy which has ensured
the Company is in a strong cash position following a series of well-timed and
successful disposals.

Since the start of the year LAP has exchanged contracts to sell Chenil House,
King's Road, Chelsea for £15.0 million against a 31 December 2007 book value of
£13.5 million. In addition it has disposed of a further £1.6 million of
non-core properties compared to a book value of £0.8 million.

Over the period it has established a new £74 million joint venture with the
Bank of Scotland and the Company is examining a number of opportunities that
fall within its investment criteria and where the Directors believe they can
enhance both values and income through their proven asset management skills. In
January LAP acquired a 54,000 sq ft Primark store in Chesterfield for £8.7
million.

In spite of the well documented uncertainties in the economy generally and
retailing specifically the Company has negotiated a number of record rents over
the past three months. These include a unit at King Edward Court, Windsor where
Dorothy Perkins has taken a lease at £195,000 against an estimated rental value
of £175,000, and 3 pre-lets at Orchard Square, Sheffield achieved on new shops
that are currently being developed at a rent per square foot (Zone A) ranging
from £88 to £91 compared to £71 previously. As a result LAP's current
annualised rent roll now stands at £17 million.

LAP intends to announce its half-year results for the six months to 30 June
2008 in late August.

                                     Ends.                                     

Contact:

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

Robert Corry, Finance Director, LAP. Tel: [phone]

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