Statement re Letting at Point Grand, South San

Slough Estates PLC
                  

20th April 2005

Slough Estates secures letting at Point Grand, South San Francisco

Slough Estates Plc, a leading provider of flexible business space, today
announces that Rinat Neuroscience has signed a lease with Slough Estates USA for
106,000 sq.ft of office and laboratory space on the Point Grand estate, South
San Francisco and will take occupancy of the facility in June 2005.

Rinat was formed in 2001 when Genentech, a leader in the development of
therapeutic proteins, narrowed its focus and spun out its key neuroscience
assets under a broad license to Rinat. Genentech invested significant R&D
resources in support of these assets over 15 years and Rinat is now building on
them to pioneer the development and commercialisation of proteins for the
treatment of diseases and disorders of the nervous system.

Ian Coull, Chief Executive of Slough Estates said: 'We are delighted to welcome
Rinat to Point Grand. The facility they have leased from us forms part of the
222,000 sq. ft campus vacated by Pfizer. Phase III of the campus has been let to
Exelixis and we have received enquiries for the remaining 50,000 sq. ft. of
space.'

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:

Shared Value Limited
Andrew Best / Emily Bruning
Tel: [phone] / 5027