TIDMLAS 
 
FOR IMMEDIATE RELEASE 
 
28 May 2019 
 
                      LONDON & ASSOCIATED PROPERTIES PLC: 
 
                   OAKTREE CAPITAL MANAGEMENT JOINT VENTURE 
 
London & Associated Properties PLC ("LAP") today announces that it and Oaktree 
Capital Management have declined to inject further capital into their Harrogate 
Portfolio ("the Portfolio") joint venture following a revaluation by the senior 
lender resulting in a breach of the loan to value covenant. 
 
Consequently, the mezzanine provider, DRC, has indicated its intention to take 
over the equity of the Portfolio, comprising three shopping centres, in 
accordance with the terms of the mezzanine loan documentation. 
 
LAP currently owns a 3.17% interest in the Portfolio. As a result of DRC's 
intentions LAP's interest in the joint venture has been written off. The 
capital loss to LAP will be GBP1.783 million although this has no cash flow 
implications. 
 
LAP currently asset and property manages the Portfolio though its wholly owned 
subsidiary LAMS for which it receives annual gross fees of approximately GBP 
400,000. LAMS' exit from these management contracts is being negotiated. 
 
                                     Ends. 
 
Contact: 
 
John Heller, Chief Executive, LAP.          Tel: 020 7415 5000 
Baron Phillips, Baron Phillips Associates.  Tel: 07767 444193 
 
 
 
END

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