London & Associated Properties PLC "LAP" or "the Company"

Date: 8 June 2009

CAPITALISATION ISSUE

LAP announced on 30 April 2009 that it was proposing to make a capitalisation
issue equivalent to 0.8p per ordinary share of 10 pence each in the Company
("shares"). A resolution to authorise the capitalisation issue is to be
proposed at LAP's AGM on 10 June 2009. Full details are given in LAP's annual
report for 2008 (Pages 22 and 23) and in the Notice of AGM Resolution 10 (Page
62).

The entitlement of shareholders on the register at the record date to receive
Capitalisation Issue Shares is based on the average middle market closing
prices on the three days 3, 4 and 5 June 2009. This average price has now been
calculated from the official list prices and is 38.75p per Share.

Therefore a holding of 1,000 shares would give an entitlement to 20.645
Capitalisation Issue Shares, which would be rounded down to the nearest whole
number i.e. 20 Capitalisation Issue Shares. The above ratio will be applied to
each shareholder's existing holding and will be rounded down to the nearest
whole number. No fractions of shares will be issued.

Existing shareholders on the register as at 5 June 2009 are entitled to the new
Capitalisation Issue Shares and share certificates in respect of the
Capitalisation Issue Shares are expected to be posted to shareholders and CREST
accounts will be credited on 3 July.

The Company will apply to the UK Listing Authority for the Capitalisation Issue
Shares to be admitted to the Official List and to the London Stock Exchange for
the Capitalisation Issue Shares to be admitted to trading on its market for
listed securities on 3 July 2009. Subject to the applications being successful
the Capitalisation Issue Shares are expected to be allotted on and dealings in
Capitalisation Issue Shares are expected to begin on or around 3 July 2009.

The capitalisation issue is in addition to the final dividend of 0.4p per
ordinary share payable in cash on 3 July 2009.

Key dates in respect of the final dividend and capitalisation issue:

Ex dividend and Ex capitalisation issue      3 June 2009

Record date                                  5 June 2009

Payment of dividend, and allotment and

admission of Capitalisation Issue Shares     3 July 2009

For further information, please contact:

Michael Stevens

Director/Secretary

London & Associated Properties PLC

Tel: 020 7415 5000