Shopping Centre Pre-letting

London & Assoc Properties PLC
12 June 2002



FOR IMMEDIATE RELEASE
12th June 2002



                    LAP PRE-LETS RETAIL SCHEME TO WILKINSON

                         FURTHER £5.3m OF SALES AGREED

London & Associated Properties ('LAP'), the London based specialist retail
investor, today announces that contracts have been exchanged with the highly
successful national retailer Wilkinson for the pre-letting of a major part of a 
new extension to LAP's Brunel Centre, in Bletchley, Buckinghamshire.

Wilkinson is taking a 15 year lease on 23,500 sq ft of new retail space in the
Brunel Centre at a commencing annual rent of £162,500 with five year rent
reviews and no break clauses.

Construction of the extension, which will also include approximately 8,000 sq ft
of leisure space and take total space at the Brunel Centre to over 100,000 sq
ft, is due to get underway in the early Autumn and is expected to take 12 months
to complete at a total cost of around £2m.

Once built the additional space should generate more than £200,000 in annual
income, and will have a substantial impact on footfall within the enlarged
Brunel Centre as Wilkinson is a major draw. Wilkinson leased the former J
Sainsbury unit in LAP's Dagenham centre and footfall has doubled since the store
opened in March.

Additionally LAP announces further disposals of smaller mature retail
properties. Within the first five months of this year £5.3m of sales have been
achieved at levels substantially in excess of book value, while contracts are
shortly due to exchange on a further £0.7m of properties. In addition £1m-£2m of
properties have been identified for disposal over the remainder of the year.


Contact:

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

            Baron Phillips, Baron Phillips Associates  Tel: [phone]


                                     Ends.



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