Statement re Disposal of Asset

FOR IMMEDIATE RELEASE

  * August 2006
   
             LAP/BoS JV SELLS ST HELEN'S SHOPPING CENTRE FOR £75m              

London & Associated Properties Plc ("LAP"), the specialist retail property
investor, today announces that, through Analytical Properties ("Analytical"),
its 50% joint venture with the Bank of Scotland, contracts have been exchanged
for the sale of Analytical's leasehold interest in Church Square Shopping
Centre, St Helens, to ING Retail Property Fund Britannica ("ING") for £75m
cash. The sale is conditional only on freeholder's consent for the transaction.

Analytical acquired Church Square in 2003 for £50m and it was last valued at £
65m as at 31st December 2005. The centre produces an annual net rental income
of £4m.

As part of the sale agreement Analytical is contributing £1.25m of the proceeds
to outstanding works required to the centre's two car parks. Analytical will
also provide rental guarantees of approximately £500,000 a year for a maximum
of 18 months. Of this £195,000 per annum is pre-let to River Island, and £
150,000 per annum is on a unit currently under offer.

John Heller, LAP's Chief Executive, said: "Church Square has performed
extremely well. In three years we will have realised a profit of over £20m from
the centre, net of all costs, rental guarantees and fees. The initial cash
investment by the two joint venture partners was £7.8m."

LAP's share of the proceeds from the sale will be added to LAP's existing
resources to further develop and expand its retail portfolio.

Donaldsons and Gooch Cunliffe Whale advised Analytical while CBRE acted for
ING.

                                     Ends.                                     

                                                                  

Contact:

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

Robert Corry, Finance Director, LAP

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

07050 124119