London & Associated Properties

What London & Associated Properties does

London & Associated Properties PLC (LAP) is a UK property investment group founded in 1940 that invests in and manages UK industrial and essential retail property, and has operated as an unlisted group following its delisting from the London Stock Exchange on 19 November 2025. The group holds a directly owned property portfolio valued at £46.1-48.0 million at 31 December 2024, generating recurring rental income — like-for-like rental income was £3.5 million in 2024 — from industrial warehouse tenants and value-orientated retail lessees. LAP also holds a 41.6% stake in Bisichi PLC, a main-market listed mining company with South African coal operations that is consolidated in LAP's group accounts under IFRS 10, and a joint venture interest in Dragon Retail Properties Limited alongside Bisichi.

The group's go-to-market is sales-led, combining direct property ownership with active asset management, joint venture co-investment, and third-party asset management mandates awarded by insolvency practitioners (Deloitte, Grant Thornton, Allsop) and lenders (Lloyds Banking Group, NAMA). Its internal LAMS (London & Associated Management Services) platform provides property and asset management for owned and third-party portfolios, while projects such as the West Ealing development (56 flats, four retail units) extend into residential and mixed-use development. Revenue streams consist of rental income (recurring), service charge and third-party management income, and dividend income from the Bisichi investment. John Heller has served as CEO since 2001 and Chairman since 2023, having transacted on over £500 million of retail assets during his tenure.

LAP is a closely-held, founder-controlled company whose shares were delisted from the LSE in November 2025 and are now tradable via JP Jenkins' matched bargain facility. The delisting was justified by low liquidity (averaging 0.8 transactions per day over the prior 12 months) and estimated annual cost savings of approximately £350,000. As of December 2024, net assets attributable to equity shareholders stood at £28.1 million, with occupancy at 96.4% and rent collection at 94% in Q1 2025.

Name

London & Associated Properties

Legal name

London & Associated Properties PLC

Website

https://lap.co.uk

Company type

Private

Founded year

1940

Operating status

Operating

Headcount range

101–250 employees

Short description

London & Associated Properties PLC is a UK property investment group that directly owns and manages £46-48 million of industrial and essential retail property, holds a 41.6% stake in Bisichi PLC (a listed mining company), and provides asset management services to third-party lenders and insolvency practitioners.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Investment and Management

NAICS

Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940)

SIC

Real Estate Agents & Managers (For Others) (6531), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Commercial Real Estate Asset Management (BPAJAMAB)

akta.pro secondary industries

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ), Real Estate Investment Advisory (Acquisitions/Dispositions, Capital Allocation) (BPAJANAA), Real Estate M&A / Joint Venture Advisory (Platform Deals, Partnerships) (BPAJANAF)

Keywords

• UK industrial property
• Retail property investment
• Property asset management
• Real estate development
• Mining investment

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Others

Revenue model

1. Rental income from property portfolio: Rental income from UK industrial and essential retail properties. Like-for-like rental income of £3.5 million (2024). The group also earns service charge income and management income from third parties.
2. Investment in Bisichi PLC: LAP holds 41.6% stake in Bisichi PLC, a fully listed mining company operating coal mines in South Africa. Bisichi's results are consolidated in LAP's group accounts under IFRS 10. LAP receives dividend income from this investment.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

London & Associated Properties PLC is a UK-focused property investment and management group that owns and manages a £46.1 million portfolio of industrial and retail property, pursues development opportunities such as the West Ealing mixed-use scheme, and holds a 41.6% interest in mining company Bisichi PLC. The group generates rental income from its directly owned properties and investment income from its Bisichi stake, with property management delivered through its in-house LAMS team and a joint venture with Dragon Retail Properties Limited.

Product overview

London & Associated Properties PLC is a property investment and management group that operates as a single unified business rather than a platform-plus-modules architecture. The core offering consists of investing in and managing UK industrial and retail properties, with a consolidated property portfolio. The company also holds a substantial stake in Bisichi PLC (approximately 41.6%), a main market listed mining company. Key operational components include the LAMS management services for property and asset management, direct property investments in UK industrial and retail, the West Ealing development project (56 flats and 4 retail units), and the Dragon Retail Properties joint venture with Bisichi.

Differentiator

Problem solved

Functional benefit

Products and services

• UK Industrial and Retail Property Portfolio Directly owned portfolio of UK industrial and retail property assets generating rental income for the group, with active management producing 96.4% occupancy and 94% rent collection in the latest reporting period.
• West Ealing Development Mixed-use retail and residential development project being progressed by LAP in West Ealing, designed to add income-producing and capital value assets to the group's portfolio.
• Dragon Retail Properties Limited Joint Venture Joint venture with Dragon Retail Properties Limited under which LAP participates in retail property asset management and development, complementing its directly owned portfolio.
• London & Associated Management Services (LAMS) In-house property management service operated as LAMS, supporting leasing, rent collection, maintenance, and asset management across the group's UK industrial and retail property portfolio.

Quantifiable outcome

• Like-for-like rental income increased 3.0% to £3.5 million
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• Bisichi PLCcoreStrategic or Co-development PartnerLAP holds a 41.6% interest in Bisichi PLC, which operates coal mines in South Africa and invests in UK property. Bisichi is consolidated in LAP's group accounts under IFRS 10. LAP and Bisichi have a joint venture called Dragon Retail Properties Limited.
• Dragon Retail Properties LimitedcoreStrategic or Co-development PartnerJoint venture between LAP and Bisichi PLC. Dragon owns a property portfolio including a Bristol building with a basement nightclub. Dragon executed a new 3-year loan with Santander UK plc for £0.74 million in July 2024.
• JP Jenkins LtdcoreChannel Partner/ Reseller/ DistributorFollowing delisting from LSE in November 2025, LAP shares are now traded on JP Jenkins liquidity venue for private securities. JP Jenkins enables shareholders to buy and sell shares through UK stockbrokers. Trading fee is 1.5% with minimum charge of £25.
• DeloitteminorImplementation/ SI/ Consulting PartnerLAP has been appointed as asset manager on substantial shopping centre portfolios by Deloitte as insolvency practitioner.
• Grant ThorntonminorImplementation/ SI/ Consulting PartnerLAP has been appointed as asset manager on substantial shopping centre portfolios by Grant Thornton as insolvency practitioner.
• AllsopminorImplementation/ SI/ Consulting PartnerLAP has been appointed as asset manager on substantial shopping centre portfolios by Allsop as insolvency practitioner.

Scale indicators9 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• British Land: Large UK REIT with significant retail and office exposure. Overlaps with LAP in UK retail property investment at a much larger scale.
• LondonMetric Property: UK triple-net and logistics-led property REIT with significant industrial/retail exposure. Comparable in industrial/retail sub-sector focus, though at larger scale and higher liquidity.
• Hammerson plc: Major UK and European retail property REIT. Larger-scale incumbent operating in overlapping retail/urban property sub-sectors, providing a benchmark for LAP's UK retail strategy.

Direct peers

• Picton Property Income: Diversified UK commercial property investment company with a multi-sector portfolio including industrial and retail. Closely comparable to LAP in size, mandate and active asset management approach.
• Town Centre Securities: Smaller UK property investment and development company with mixed-use and retail assets. Comparable to LAP as a closely-held, UK-focused property group with active management.
• Custodian REIT: UK smaller-cap property investment company focused on diversified commercial property. Comparable in scale, listing status (smaller LSE property companies) and investment mandate to LAP.
• Regional REIT: UK regional office-focused property investment company. Comparable as a smaller, internally-managed UK property investment company with active asset management.
• AEW UK REIT: UK smaller-cap property investment company with a diversified portfolio. Comparable in size, UK focus and active asset management orientation.
• Schroder Real Estate Investment Trust: UK-focused commercial property investor and asset manager with a portfolio of industrial, retail and office assets. Comparable to LAP as a smaller, UK-centric property investment group with active asset management.
• Helical plc: UK property investment and development company with mixed-use, office and retail assets. Comparable to LAP in combining investment, asset management and selective development activity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about London & Associated Properties