New Lease etc.-Replacement

LONDON & ASSOCIATED PROPERTIES PLC
9 September 1999



THE ISSUER HAS REQUESTED THAT THE ANNOUNCEMENT BELOW SHOULD REPLACE THAT
RELEASED EARLIER TODAY AT 11:18AM UNDER RNS NO 2029C DUE TO TYPOGRAPHICAL ERRORS
WITHIN THE TEXT.

==============================================================================




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

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

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

Bewise 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 Bewise 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 Shoefayre 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 lettings King's Square now generates total annual net
rental income of £1.0m which should rise substantially as further rent
reviews, lease renewals and other initiatives are completed at the higher
rental levels that are being achieved throughout the scheme.

Contact:  John Heller, Director, 
          London & Associated Properties plc.         Tel: [phone]
          Baron Phillips, Baron Phillips Associates.  Tel: [phone]