Trading Statement

London & Assoc Properties PLC
23 October 2001


23rd October 2001


 LAP TAKES £2.5m LEASE SURRENDER AT DAGENHAM - SPACE RE-LET TO WILKINSON AT £
                                  100,000 pa

                      £2.4m OF PROPERTY SALES COMPLETED


London & Associated Properties PLC ('LAP'), the specialist shopping centre
investor with gross assets of more than £100m, today announces that the
country's fastest growing independent retailer, Wilkinson, is taking a new 29
year lease on the anchor store in The Mall shopping centre, Dagenham at an
initial annual rent of £100,000.

Wilkinson, which currently operates 197 variety stores throughout the UK, has
exchanged contracts on the 14,000 sq ft unit previously occupied by J.
Sainsbury which paid LAP a £2.5m reverse premium to surrender its lease on the
property.

LAP also announces that it has either sold, or exchanged contracts to sell,
smaller properties for a total of £2.4m, which is marginally in excess of the
31st December 2000 valuation.

John Heller, Chief Executive of LAP, commented: 'These transactions are wholly
in line with our stated strategy of actively managing our portfolio to
generate above average shareholder value. In the case of Dagenham, the
Wilkinson letting will, we believe, increase the footfall and underpin the
value of this successful shopping centre.

'Overall these transactions have produced some £5m in cash which will be used
to make further acquisitions as opportunities arise, or invested in the
existing portfolio. While demand for space in all our centres continues to be
strong there is an element of uncertainty in the investment market which I am
sure will lead to some excellent buying opportunities,' added Mr Heller.

Contact:          London & Associated Properties PLC.      Tel: [phone]
                  John Heller, Chief Executive
                  Baron Phillips Associates.               Tel: [phone]
                  Baron Phillips.

                                     Ends