Statement re sale of property

FOR IMMEDIATE RELEASE

17 August 2010

  LONDON & ASSOCIATED PROPERTIES ("LAP") SELLS ANTIQUARIUS, KINGS ROAD RETAIL  
                                  INVESTMENT                                   

                                  FOR £17.82M                                  

LAP announces today that it has exchanged contracts unconditionally for the
sale of its 65 year head leasehold interest in Antiquarius, located on Kings
Road, London SW3, to Cadogan Estates Property Investments Limited for £17.82m.
The property is let to Urbn Limited, trading as Anthropologie and McDevitt
Corporation Limited, until 2024 at a combined rent of £1,150,000 pa. After a
head rent of £68,640 pa this equates to a net initial yield of 5.74%. The book
value as at 31 December 2009 was £17.0m. £12.75 million of the proceeds will be
used to pay down a revolving credit facility and the balance will be added to
cash reserves.

LAP was advised in the sale by Lewis & Partners and the purchaser was
represented by H2SO.

Ends.

Contact:

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

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