Sale of Property

FOR IMMEDIATE RELEASE

17 July 2008

             LAP COMPLETES SALE OF KINGS ROAD PROPERTY FOR £14.9M              

London & Associated Properties PLC ("LAP"), the specialist retail property
investor, today announces that it has completed the sale of Chenil House, its
Kings Road retail and office building, for £14.9m cash.

The sale price, which was marginally reduced from £15.0m to reflect an early
completion, compared to the 31 December 2007 valuation of £13.5m.

John Heller, Chief Executive of LAP, said: "I am pleased to report on a sale
ahead of our book value as at 31 December 2007, even in this difficult market.
I believe this reflects the conservative nature of our valuations.

"We intend to use approximately £10m of the proceeds to reduce borrowings
through part repayment of our revolving credit facility with the remainder
being added to our existing cash balances. The market uncertainty is throwing
up numerous opportunities and I look forward to announcing further acquisitions
in due course as a result of our strong financial position."

Blenheim Bishop acted for LAP.

                                     Ends.                                     

Contact:

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

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