Shopping Centre Sale

FOR IMMEDIATE RELEASE

13th May 2004

                 LAP SELLS HEBBURN SHOPPING CENTRE FOR £4.41m                  

London & Associated Properties PLC ('LAP'), the retail property investor, today
announces the sale of the Hebburn Shopping Centre, South Tyneside, to Schroder
Emerging Retail Property Unit Trust for £4.41m.

Comprising 61,000 sq ft, the shopping centre forms the majority of Hebburn's
town centre. It has been owned by LAP since 1991 and the centre's disposal is
in line with the Company's strategy of selling smaller more mature investments.

The Hebburn Shopping Centre currently produces annual rental income of £345,000
and the sale price reflects a net yield of 7.68%.

LAP was advised by Donaldsons and Knight Frank represented the purchasers.

                                     Ends                                      

Contact:

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

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