£4.85m Retail Centre Sale

15th Feb 2005 16:01

FOR IMMEDIATE RELEASE16th February 2005 LAP SELLS MOOR CENTRE, BRIERLEY HILL, FOR ‚£4.85M London & Associated Properties PLC ("LAP") today announces that it has sold theMoor Centre, Brierley Hill, West Midlands to Brierley Hill Estates for ‚£4.85mcash., compared to the last published book value as at 31st December 2003 of ‚£3.9m. Proceeds from the sale will be added to LAP's existing resources enablingit to take advantage of opportunities as they arise.Comprising more than 20 retail units, Moor Centre generates annual rents of ‚£293,000 from tenants that include Boots, Iceland, Peacocks and Pizza Hut. Thesale reflects LAP's strategy of selling mature assets.Rowley Hughes Thompson acted for LAP and the purchasers were advised by Mason &Partners. Ends. Contact:John Heller, Chief Executive, LAP. Tel: 020 7415 5000Baron Phillips, Baron Phillips Associates. Tel: 020 7920 3161END

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