RNS Number:1550Q
Tops Estates PLC
25 September 2003

                                TOPS ESTATES PLC

                                Disposal Programme

Tops Estates PLC, specialists in town and city centre shopping and leisure
centres, is pleased to announce that they have completed their objective of
disposing of their uncovered, smaller, shopping centres that are no longer part
of the core portfolio.

The sale of the Ladysmith Shopping Centre, Ashton-under-Lyne, for #34,000,000,
which currently yields 6.6%, is 8% (#2.5m) above the 31 March 2003 year end
valuation.

Enquiries:

Tops Estates PLC                                                 020-7355 3000
Everard Goodman (Chairman)
Adam Cohen (Managing Director)

Bankside Consultants Limited
Alistair Macdonald                                               020-7444 4168



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