GBP2.1 Million Interest Rate Saving

FOR IMMEDIATE RELEASE

27 November 2007

LAP HEDGES ALL ITS DRAWN FACILITIES TO PRODUCE ANNUAL SAVINGS OF £2.1 MILLION 

London & Associated Properties PLC ("LAP"), the retail and London focused
property investor, today announces that it is now fully hedged for all its
banking facilities saving approximately £2.1 million per annum.

Following Practical Completion of the 200,000 sq ft partial redevelopment of
King Edward Court, which has been let to Waitrose, Zara, Hennes, New Look and
Topshop, LAP is drawing a £70 million loan facility put in place when it
acquired the outstanding 50% of Analytical Properties in September 2007 from
the Bank of Scotland. The new loan has been hedged at 4.76% plus margin. The
saving, including the reduced margin that LAP negotiated, will amount to £1.65
million per annum.

In addition LAP has hedged a further £35 million of its £90 million revolving
credit facility with the Royal Bank of Scotland, also at 4.76% plus margin.
Combined with the £40 million that was previously hedged, the total drawings of
£72 million under this facility are now also fully covered. This will give
annual savings of over £0.4 million, making a total annual saving of
approximately £2.1 million per annum.

Ends

Contact:

London & Associated Properties PLC     Tel: [phone]

Robert Corry, Finance Director

Baron Phillips Associates              Tel: [phone]

Baron Phillips