Shopping Centre Option Sale

London & Assoc Properties PLC
5 November 2001



FOR IMMEDIATE RELEASE
5th November 2001



        LONDON & ASSOCIATED PROPERTIES SELLS OPTION ON MIDLANDS SHOPPING CENTRE 
                                        FOR £ 2m


London & Associated Properties PLC ('LAP'), the specialist retail property
investor, today announces it has signed an option agreement to sell its long
leasehold interest in the Union Shopping Centre, Wednesbury, to Sandwell
Borough Council, the centre's freeholder.


Under the terms of the option agreement the Council will pay LAP £150,000 a
year for up to four years, during which time it may exercise its option to
acquire LAP's interest in the centre for £2m, considerably in excess of the
31st December 2000 valuation.


However if the Council does not exercise its option by the end of the term LAP
can acquire the freehold of the centre together with some additional land for
£1 (one pound).The additional land would enable LAP to redevelop the site and
create 30,000 sq ft of retail accommodation and 115 car spaces, for which
planning permission has been granted.



Ends.


Contact:

        LAP                             Tel: [phone]
        John Heller, Chief Executive
        Baron Phillips Associates       Tel: [phone]
        Baron Phillips