New Letting to Hennes at Windsor

FOR IMMEDIATE RELEASE

28th July 2004

     LAP LETS 20,000 SQ FT RETAIL SPACE IN WINDSOR REDEVELOPMENT TO HENNES     

London & Associated Properties PLC ('LAP') today announces that it has
exchanged contracts to let a new 20,000 sq ft retail unit in the planned
partial redevelopment of King Edward Court Shopping Centre, Windsor, to fashion
store Hennes at an annual rent of £395,000.

Earlier this week LAP announced that detailed planning consent had been granted
for partial redevelopment of the centre that it owns through a joint venture
with Bank of Scotland. The redevelopment will provide 100,000 sq ft of retail,
comprising a 40,000 sq ft state-of-the-art supermarket and four shop units, and
a 113 bed hotel pre-let to Travelodge.

Redevelopment will get underway early in 2005 and on completion will increase
the retail content of King Edward Court by 60,000 sq ft to over 215,000 sq ft.

Hennes has exchanged contracts for a 15 year lease and LAP reports that two
further shop units, as well as the supermarket, are under offer.

Gooch Cunliffe Whale acted for LAP.

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Contact:

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

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