London & Associated Properties Regulatory News (LAS)

FOR IMMEDIATE RELEASE 17 December 2013 LONDON & ASSOCIATED PROPERTIES PLC: SALE OF KING EDWARD COURT SHOPPING CENTRE FOR £104.7M REFLECTING NET INITIAL YIELD OF 5.6% London & Associated Properties PLC ("LAP" or "the Company"), the specialistretail focussed property investor, today announces it has exchanged contractsto sell its King Edward Court shopping centre in Windsor to Scottish WidowsInvestment Properties for a total cash consideration of £104.7m, reflecting anet initial yield of 5.6%. Proceeds of the disposal will be used to furtherreduce the Company's borrowings. Acquired by LAP in 2002 for £45m, the Company has invested a further £24m inthe centre as part of an intensive asset management programme that createdmajor units for tenants including Waitrose, Zara, H & M, Top Shop, and New Lookas well as a 113-room Travelodge. Today King Edward Court generates annual netrental income of £6.2m from a broad range of tenants that also includesFenwick, Next, Timberland and Cotswold Outdoor. In total the centre has 35retail units, a supermarket, hotel and Windsor's principal car park. John Heller, Chief Executive of LAP, said: "King Edward Court has been astrongly performing investment for us and we felt that, with increasinginterest in shopping centres from investors, this was an ideal opportunity torealise a profit on the centre. The sale will enable us to further reduceborrowings as well as look for other investment opportunities." Ends. Contact: London & Associated Properties plc Tel: 020 7415 5000 John Heller, Chief Executive Robert Corry, Finance Director Baron Philips Associates Tel: 020 7920 3161

Baron Philips