Lon.&Assoc.Props PLC: Disposal | Company Announcements

Wednesday 09 December, 2009

Lon.&Assoc.Props PLC

Disposal


FOR IMMEDIATE RELEASE

9 December 2009

LONDON & ASSOCIATED PROPERTIES ("LAP") SELLS SECOND ISLINGTON RETAIL INVESTMENT
                                   FOR £3.8M                                   

LAP, the specialist retail investor and developer, today announces that it has
exchanged contracts unconditionally for the sale of 355 Upper Street,
Islington, London N1 for £3.8m to a private buyer. The sale price reflects an
initial yield of 5.75%.

The property is let until 2020 to Foxtons Ltd at a current rent of £230,000 pa.
This disposal follows last week's sale of the adjacent Mall for £6.62m taking
total proceeds to £10.42m. The combined book value of both properties was £
8.06m.

Approximately £2.3m of the proceeds from the latest sale will be used to pay
down a revolving credit facility with Royal Bank of Scotland. The balance will
be added to LAP's cash reserves. Completion will be 15 January 2010.

LAP was advised in the sale by Lewis & Partners.

                                     Ends.                                     

Contact:

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

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

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