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Interim Management Statement
RNS - London Stock Exchange | 19/05/2011

19 May 2011

                     LONDON AND ASSOCIATED PROPERTIES PLC:                     

                         INTERIM MANAGEMENT STATEMENT                          

London & Associated Properties PLC ("LAP" or "the Company"), the specialist
retail investor, today releases its Interim Management Statement for the period
from 1 January 2011 to 19 May 2011.

We continue to treat cash flow as a high priority. None of our term loans
expire within the next 12 months and LAP remains within its banking covenants.
Since the year-end we have reduced the revolving credit facility with the Royal
Bank of Scotland by £13 million to £47 million as we considered it unlikely
that we borrow further against the facility before expiry.

Operationally, we continue to make progress. At King Edward Court, Windsor, we
accepted in April a surrender of a lease to Boots, following their relocation
to the much larger former Woolworths store which is outside of our ownership.
The old Boots unit is to be sub divided into three shops, including the vacant
first floor offices, with one facing onto Peascod Street and two into King
Edward Court. Planning consent has now been obtained and work will start
shortly. Two of the units are under offer to strong retailers, whilst the third
will be held vacant until nearer completion. Once these lettings complete, the
centre will be fully let.

Elsewhere at King Edward Court, we have completed two lettings on unit shops to
Prêt à Manger and Temptation Gifts, a local multiple retailer who was on-line
retailer of the year in 2009 and 2010. Both of these lettings demonstrate
ongoing rental growth at the Centre.

We are pleased to report that at Brixton the new lease for the two markets to
In Shops Limited, a subsidiary of Groupe Geraud, has now been completed on the
terms we outlined in the year-end report With their expertise the markets
should flourish, enabling us to benefit in the medium term from the expected
success through our profit share arrangement.

Orchard Square, our shopping centre in Sheffield, also remains fully let.

We are close to completing our first joint venture with a property fund. This
will take place once the fund has acquired its first asset. Contracts should be
exchanged on this asset in the very near future, and we will make the
appropriate announcement then.

Following the successful completion of the asset management project undertaken
on behalf of Grant Thornton, a firm of Chartered accountants, reported at the
year-end we have been asked to give preliminary advice on a number of
additional impaired properties, for which we will receive advisory fees.

A cash interim dividend of 0.75p per share was paid on 21 January 2011 and a
cash final dividend of 0.4p per share will be paid on 1 July 2011 to
Shareholders on the register at the close of business on 10 June 2011, subject
to shareholder approval at the Annual General Meeting.

Within LAP's portfolio, vacant units account for only 1.5% of the Company's
total rent roll. LAP believes that its low vacancy rates reflect the quality of
its shopping centres and that there is still reasonable occupational demand for
quality retail space in the right location.



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