Result of Tender offer

NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN,  
                    SOUTH AFRICA OR THE REPUBLIC OF IRELAND                    

     London & Associated Properties PLC ('London & Associated Properties')     

                            Result of Tender Offer                             

The Board of London & Associated Properties announces that pursuant to the
Tender Offer made by Panmure Gordon & Co, which closed at 5.00 p.m. on 24 June
2005, tenders for 5,928,273 Ordinary Shares have been conditionally accepted.
The Strike Price for the Tender Offer is 104 pence per Ordinary Share, the top
end of the range of 97 - 104 pence, which will result in the return of £
6,165,404 of capital. The Tender Offer remains conditional on the passing of
the special resolution at the extraordinary general meeting at 10.00 a.m.
today.

The purchase of the tendered Ordinary Shares will be effected by Panmure Gordon
& Co on Tuesday 28 June 2005. London & Associated Properties will subsequently
acquire from Panmure Gordon & Co, at the Strike Price of 104 pence, the
Ordinary Shares purchased by Panmure Gordon & Co under the Tender Offer. Of the
Ordinary Shares so purchased, all will be held by London & Associated
Properties in treasury. This will result in there being 76,229,499 Ordinary
Shares in issue for reporting purposes under section 198 of the Companies Act.
The total number of shares now held in treasury is 6,087,473.

The consideration for the Tender Offer is expected to be despatched on 5 July
2005 to those Shareholders who have successfully tendered Ordinary Shares under
the Tender Offer.

Definitions used in this announcement have the same meanings given in the
circular sent to Shareholders dated 2 June 2005 setting out the formal terms of
and condition to the Tender Offer.

ENQUIRIES

London & Associated Properties plc                  
                                                    
John Heller, Chief Executive          020 7415 5000 
                                                    
Robert Corry, Finance Director                      
                                                    
Panmure Gordon & Co                   020 7459 3600 
                                                    
Andrew Godber                                       
                                                    
Andrew Potts                                        
                                                    
Baron Phillips Associates             020 7920 3161 
                                                    
Baron Phillips                                      

Panmure Gordon (UK) Limited, which is regulated in United Kingdom by the
Financial Services Authority, is acting for London & Associated Properties and
for no-one else in connection with the Tender Offer and will not be responsible
to anyone other than London & Associated Properties for providing the
protections afforded to customers of Panmure Gordon (UK) Limited or for
providing advice in connection with the matters set out in this announcement or
any transaction or arrangement referred to herein.