Statement re Completion of Exchange Offers

Slough Estates PLC
                  


20th June 2005

Slough Estates successfully completes Debt Exchange Offers

Slough Estates plc has today completed its two Exchange Offers which were
launched on 10th May 2005, resulting in a reduction in the Group's interest
costs by over £10m per annum.

The first Exchange Offer was to holders of Slough Estates' three 'Shorter Dated
Existing Notes' (£50 million 10% Eurobond due 2007, £31.85 million 12.375%
Unsecured Loan Stock due 2009 and £100 million 11.625% Eurobond due 2012) to
exchange all of their Shorter Dated Notes into new unsecured Sterling
denominated fixed rate Notes due 2018 (the 'Shorter Dated New Notes'). The
second Offer was to holders of its 'Longer Dated Existing Notes' (£100m 10%
Eurobond due 2017 and £40 million 11.25% First Mortgage Debenture Stock due
2019) into new unsecured Sterling denominated fixed rate Notes due 2035 (the
'Longer Dated New Notes').

Over 75% of the holders of the two classes of debt issue voted in favour of the
transaction and therefore the Shorter and Longer Dated Existing Notes have been
exchanged and effectively redeemed as at 20th June 2005. The market value of the
debt exchanged was £437 million (excluding accrued but unpaid interest), in
addition to which Slough Estates paid an incentive fee of £4.9m. These amounts
have been refinanced as follows:

Shorter Dated New Notes:              £200 million          5.50%     2018      Priced at 99.416%
Longer Dated New Notes:               £100 million          5.75%     2035      Priced at 99.229%
Bank drawings:                        £146 million          circa 5.13%         from bank lines
                                                                                (in respect of
                                                                                bonds cashed in
                                                                                and fees)

                                                               
The transactions will result in an exceptional charge to the Group's accounts in
2005 of approximately £125 million under IFRS (£121m under UK GAAP). Fees of
approximately £2 million associated with the exchange and the new issue discount
are expected to be expensed over the life of the new bonds.

Trevor Mant, the Slough Estates' Group Treasurer said 'I am very pleased to see
the successful conclusion of this transaction through the support of our
investor base. Slough Estates now has the lowest coupon and longest dated
unsecured public debt issues in the UK property sector and the Group's future
earnings will benefit directly as a result.'

Slough Estates is a leading provider of flexible business space in business
parks in Western Europe and North America, with over 1500 customers occupying
2,996,967 square metres of business space, with a total value of £3.9 billion.
Slough Estates' properties are in suburban locations in close proximity to the
main business centres, where there is long term demand for business
accommodation to serve these key economic regions. The company's main activities
are currently based around London, Brussels, Paris, Düsseldorf, San Francisco
and San Diego and the company continues to develop new business parks with the
long term objective of building shareholder value and enhancing its reputation
for quality buildings offering excellent value to customers.

www.sloughestates.com

For further information contact:


Slough Estates                                                Shared Value Limited
Dick Kingston, Group Finance Director, Tel: [phone]      Andrew Best / Emily Bruning
Trevor Mant, Group Treasurer, Tel: [phone]               Tel: [phone] / 5027