London & Associated Properties Regulatory News (LAS)

13 Aug 2007 07:00

FOR IMMEDIATE RELEASE

13 August 2007

LONDON & ASSOCIATED PROPERTIES PLC ‚£20.5M SALE OF SAXON SQUARE SHOPPING CENTRE, CHRISTCHURCH

London & Associated Properties PLC (`LAP') today announces it has unconditionally exchanged contracts for the sale of its shopping centre in Christchurch to RREEF UK Property Ventures Fund No 3 for ‚£20.5m cash, reflecting a net initial yield of 5.05%, or 4.6% net of rents guaranteed by LAP on certain units for a maximum of a year.

LAP originally acquired the 103,000 sq ft centre in 1997 and it currently comprises 22 retail units, 9 kiosks and a coffee shop let to tenants including Somerfield, New Look, Dorothy Perkins, WH Smith, Argos, and Boots. At 31 December 2006, the last independent valuation, the property was valued at ‚£ 18.735m.

LAP was advised by Gooch Cunliffe Whale and Lewis & Partners while Jackson Criss acted for the purchasers.

Ends

Contact

John Heller, Chief Executive, LAP. Tel: 020.7415.5000

Robert Corry, Finance Director, LAP.

Baron Phillips, Baron Phillips Associates. Tel: 020.7920.3161

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