London & Associated Properties Regulatory News (LAS)

FOR IMMEDIATE RELEASE 13 May 2014 LONDON & ASSOCIATED PROPERTIES PLC: INTERIM MANAGEMENT STATEMENT London & Associated Properties PLC ("LAP" or "the Company"), the specialistretail focused property investor, today releases its Interim ManagementStatement for the period from 19 November 2013 to 12 May 2014. LAP also released its Annual Report & Accounts for the year ended 31 December2013 to shareholders on 24 April 2014. On 2 May, LAP agreed a new credit facility for £40.1 million with Royal Bank ofScotland. LAP used £4.1 million from its cash reserves to pay down the loanfrom £44.2 million as drawn on the previous credit facility. In the run up to agreeing this new facility, the Company also terminated thelast of its long dated interest rate swaps secured against this facility in aseries of separate transactions. The combined costs of breaking these swaps was£10.7 million. This transaction will reduce the ongoing interest costssignificantly. This has enabled LAP to approach alternative lenders to refinance with a muchstronger balance sheet. Advised by Alvarez and Marsal, we have received anencouraging number of offers from lenders. We have now chosen a senior debtlender and a mezzanine lender with whom to progress, and are now working on thedocumentation. I will update shareholders on progress in due course. At Orchard Square, we have received a number of offers from retailers on thevacant former USC unit which fronts on to Fargate. We intend to split the unitto maximise returns and most of the ground floor is now under offer to anational retailer. There are verbal offers on the remainder of the space andour agents are working up detailed term sheets on our behalf. Again, we willupdate shareholders in due course. The property sector continues to improve and the funding market has become moreliquid over the last six months. This should benefit our business, which isstill concentrated in quality assets in strong locations. We therefore look tothe future with considerable confidence. Ends. Contact: London& Associated Properties PLC Tel: 020 7415 5000John Heller, Chief ExecutiveRobert Corry, Finance Director Baron Phillips Associates Tel: 020 7920 3161Baron Phillips