New Joint Venture Retail Acquisition

FOR IMMEDIATE RELEASE

8 July 2008

                LAP LAUNCHES NEW BANK OF SCOTLAND JOINT VENTURE                

                   ACQUISITION OF FIRST JV RETAIL INVESTMENT                   

London & Associated Properties PLC ("LAP", or "the Company"), the fully listed
retail property investor, today announces it has signed a new £74 million joint
venture with the Bank of Scotland Corporate to acquire quality shopping
investments across the UK where the initial yield is set to be above the cost
of capital.

This new joint venture, called Analytical Ventures Limited, follows last
September's conclusion of LAP's previous and highly successful partnership with
Bank of Scotland Corporate. The new joint venture has an initial life of five
years and all cash and debt has been pre-committed.

To mark the launch of this latest joint venture LAP announces that contracts
have been exchanged to acquire Westgate House, a 92,000 sq ft retail and office
investment in Halifax, for £10.5 million from UBS Triton Property Fund. The
purchase price reflects a net initial yield of 7.1%, rising to 7.8% following
the letting of the only vacant retail unit, which is currently under offer. The
debt element of the purchase has been fully hedged with a 6%/4.75% collar based
on LIBOR.

Westgate House comprises approximately 56,200 sq ft of retail, let to Tesco,
Dorothy Perkins, Savers, 99p Stores and other national retailers, and
approximately 35,500 sq ft of offices above, occupied by Calderdale Borough
Council and Rice Jones, one of Halifax's oldest solicitors.

John Heller, Chief Executive of LAP, said: "We are delighted to announce our
latest joint venture with Bank of Scotland Corporate which shows that, despite
the current market, banks are still prepared to back property investors with a
solid and successful track record."

Contact:

London & Associated Properties PLC. Tel: [phone]

John Heller, Chief Executive

Robert Corry, Finance Director

Baron Phillips Associates. Tel: [phone]

Baron Phillips

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