Sheffield Flagship Store

FOR IMMEDIATE RELEASE

12th July 2005

  LAP SET TO CREATE 23,000 SQ FT FLAGSHIP STORE AT ORCHARD SQUARE, SHEFFIELD   

London & Associated Properties PLC ('LAP'), the specialist shopping centre
investor, today announces that it is set to create a 23,000 sq ft flagship
store at its highly successful Orchard Square shopping centre in Fargate,
Sheffield.

The move follows agreed lease surrenders on two key adjoining units in the
centre currently occupied by Dixons and Index, the catalogue retailer. This
will allow LAP to combine the two units into one substantial retail outlet,
trading on three floors and with extensive frontage on to Fargate, Sheffield's
principal shopping street.

These two units currently generate annual rental income of £530,000 and vacant
possession of both units will be prior to January 2006. LAP anticipates the
necessary construction work to combine the units will take 10 months and the
new unit should be ready for trading by Easter 2007. Projected rents are in
excess of £800,000 per annum.

In addition LAP has acquired, with vacant possession, the Stonehouse public
house. The Grade II listed building adjoins the rear of Orchard Square and
provides approximately 13,000 sq ft of space over two floors as well as
extensive cellarage.                                     

John Heller, LAP's Chief Executive, said: 'These acquisitions provide
tremendous scope to both extend Orchard Square and provide the size and type of
space required by leading national retailers. There is already strong interest
in the Fargate unit, and we are currently exploring a number of options for the
Stonehouse which could include amalgamating the building into Orchard Square to
create a substantial retail unit to the rear of the centre.'

                                     Ends.                                     

Contact:

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

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