RNS Number:3374P
London Town PLC
03 September 2003

Wednesday 3 September 2003

                LONDON TOWN plc ("London Town" or "the Company")

              SALE OF INVESTMENT IN WANDSWORTH JOINT VENTURE COMPANY

London Town, the AIM listed residential property development manager, announces
that on 3 September 2003, the Company completed the disposal of its 5% interest
in Wandsworth Riverside Quarter Limited, the company responsible for the
development at Wandsworth London SW18 of 422 residential units including 107
affordable units and 150,000 sq.ft of commercial space for a consideration of
#894,737, which was the agreed cost of the investment in shares and loan stock.
The project management agreement relating to this joint venture has also been
terminated with a final management fee payable to Jonathan Alexander Limited (a
wholly owned subsidiary of London Town) of #580,000. Accordingly, the Company
will no longer have any involvement with the Wandsworth Riverside Quarter
development.

The purchasers are the other two existing principal partners in the #150m value
Wandsworth project, specialist residential developer FairBriar PLC and CPL (UK)
Pte.Ltd, a company incorporated in Singapore. These two companies will now
control 50% each of Wandsworth Riverside Quarter Limited

This disposal is in line with the group's policy of disposing of peripheral and
other investments set out in the Company's annual report for the year ended 31
December 2002

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