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Interim Management Statement
RNS - London Stock Exchange | 19/11/2012
FOR IMMEDIATE RELEASE                             

19 November 2012

                      LONDON& 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 19 May 2012 to 18 November 2012.

Economic conditions remain tough for retailers and property companies. However,
as shareholders know, we sold most of our ex-growth shopping centres between
2005 and 2008. Our remaining Centres are strong performers where we have
invested significantly over the last few years. As a result, vacancy levels
throughout our portfolio remain extremely low at less than 2% by rental value.

Retail is undergoing one of the greatest structural changes it has ever faced.
The growth of alternative channels for shopping such as the internet and
m-retail means that shopping centres must more than ever offer compelling
reasons to persuade shoppers to visit apart from the simple distribution of
goods. We believe that our principal centres meet this need as they are are
part of major city centres or attractive, successful towns. Consequently, we
are confident they will continue to perform well with relatively high occupancy
levels for the foreseeable future.

As we have stated previously, cash flow management remains a high priority. We
continue to progress the renewal of our £44m revolving credit facility with the
Royal Bank of Scotland which expired in September 2012. None of our other term
loans expire within the next 12 months and LAP remains within its banking

Our asset management subsidiary, London & Associated Management Services, is
continuing to successfully manage assets on behalf of third parties. In August
it was appointed by Lloyds Bank to asset manage a portfolio of 4 shopping
centres in the North West of England. We are also commencing a number of
management initiatives and will update shareholders on progress there in due

In October, we exchanged contracts to sell a shopping centre and other retail
assets in Ealing, West London, on behalf of NAMA. We achieved a strong price
having applied our asset management skills over the previous 18 months. LAMS
will receive a fee for this work.



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