New Lease, etc

LONDON AND ASSOCIATED PROPERTIES PLC
9 September 1999



       LONDON & ASSOCIATED RE-SHAPE KINGS SQUARE WITH NEW BEWISE LETTING

London & Associated Properties plc ('LAP') today announces that it has let a
7,500 sf ft unit in the 50,000 sf ft Kings Square shopping centre, West, to Be
wise Lad, the national clothing retailer, on a new 15 year FRI lease at an
initial rent of £95,000 a year.

The new lease reflects lapis approach to its active management of the centre.
The shop was originally let at £72,500 a year to  Save, with almost 15 years
remaining on the lease.  Save agreed to surrender its lease and pay a £50,000
premium.

Be wise already occupied a smaller retail unit in the centre on a lease which
would have expired in 10 years time at a current rent of £84,000 a year. LAP
accepted a surrender of this lease and is refurbishing the former Be wise shop
to create three smaller units that are expected to generate in excess of
£100,000 a year in rental income. Terms have been agreed with a national
retailer to take the first of these units and a lease is currently being drawn
up.

LAP also announces that it has let a unit to  on a new 10 year lease,
with a review at the fifth year, at an initial rent of £43,250 a year
reflecting a rate of £58 Zone A.

As a result of these settings Kings Square now generates total annual net
rental income of £1.0m which should rise substantially as further rent
reviews, lease renewal and other initiative are completed at the higher rental
levels that are being achieved throughout the scheme.

Contact:   

          John Sheller, Director, 
          London & Associated Properties plc.     Tel: [phone]

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