Further STG 40m loans hedged

6 Dec 2007 14:18

FOR IMMEDIATE RELEASE

6th December 2007

LAP HEDGES FURTHER ‚£40M OF BORROWINGS TAKING TOTAL ANNUAL SAVINGS TO MORE THAN

‚£2.4M

London & Associated Properties PLC ("LAP" or "the Company"), the retail and London focused property investor, today announces that it has hedged a further ‚£40m of bank facilities at 4.685% plus margin resulting in annual interest charge savings of approximately ‚£326,000 as at today.

This follows last week's announcement that the Company had hedged a total of ‚£ 105m of drawn facilities at 4.76% plus margin resulting in an overall saving of ‚£2.1m on annual interest charges.

As a result LAP has cut its interest charges by a total of ‚£2.4m annually and the savings take immediate effect. LAP is now fully hedged on all its term loans.

Ends. Contact:

John Heller, Chief Executive, LAP. Tel: 020 7415 5000

Baron Phillips, Baron Phillips Associates. Tel: 020 7920 3161