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Interim Management Statement
RNS - London Stock Exchange | 18/11/2013

18 November 2013

                      LONDON & ASSOCIATED PROPERTIES PLC:                      

                         INTERIM MANAGEMENT STATEMENT                          

London & Associated Properties PLC ("LAP" or "the Company"), the specialist
retail focused property investor, today releases its Interim Management
Statement for the period from 18 May 2013 to 18 November 2013.

We released our half yearly report to shareholders on 29 August. Since that
time, trading conditions are showing some tentative signs of improvement. There
appears to be some thawing in the credit markets, and this is leading to
increased demand for real estate assets, with a particular improvement in
sentiment towards good secondary assets.

However, throughout the recession there has always been demand for the very
best assets, and King Edward Court in Windsor, our largest asset, has been no
exception. Following a number of unsolicited approaches, we took the decision
to dispose of it and brought it to the market in September. We recently
responded to press speculation and confirmed that it is under offer to a UK
based institution. This continues to be the case, and I look forward to
updating shareholders on progress during the coming weeks.

Tenant demand throughout the UK remains patchy. However, our occupancy levels
are still high, which reflects the quality of our directly owned portfolio.

We are now reaching the final stages of our negotiation with The Royal Bank of
Scotland to refinance our revolving credit facility. The Bank has been
supportive throughout our discussions, and again I look forward to updating
shareholders on progress in the coming weeks.

Following initial discussions, we are now setting up a joint venture with a
large American private equity fund to acquire and for London & Associated
Management Services ("LAMS") to manage three shopping centres. The identity of
the other parties and the assets involved is confidential at present. We are
nearing the conclusion of this process, and will release details of the project
as soon as we are in a position to do so.

LAMS, our asset management subsidiary, continues to work closely with Lloyds
Bank to maximise the Bank's returns on the Agora portfolio. To date we have
disposed of one of the assets, exchanged contracts on the disposal of a second
and have the two remaining assets under offer. The prices achieved or to be
achieved are pleasing, and further reflect the improvement in sentiment
referred to above.

Since our last statement, we have concluded the disposal of our asset held
jointly with Lloyds Bank in Halifax. Our share of the net proceeds was £0.5
million which has been added to our cash reserves.



   London & Associated Properties PLC          Tel: 020 7415 5000
   John Heller, Chief Executive
   Robert Corry, Finance Director

   Baron Phillips Associates                   Tel: 020 7920 3161
   Baron Phillips