Director Shareholding

Land Securities PLC
19 July 2001


                       DEALINGS BY DIRECTORS


1)  NAME OF COMPANY

LAND SECURITIES PLC

2)  NAME OF DIRECTOR

M.R. GRIFFITHS

3)  Please state whether notification indicates that it is in respect of
    holding of the shareholder named in 2 above or in respect of a
    non-beneficial interest or in the case of an individual holder
    if it is a holding of that person's spouse or children under the
    age of 18 or in respect of an non-beneficial interest

SHAREHOLDER IN 2 ABOVE

4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them. (If notified)

N/A

5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)

N/A

6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

GRANT OF SAYE SHARE OPTION

7)  Number of shares/amount of
    stock acquired



8)   (N/A %)
    of issued Class



9)  Number of shares/amount
    of stock disposed



10)  ( N/A %)
    of issued Class



11) Class of security



12) Price per share



13) Date of transaction



14) Date company informed



15) Total holding following this notification



16) Total percentage holding of issued class following this notification



     IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE
                    COMPLETE THE FOLLOWING BOXES

17) Date of grant

20/7/2001

18) Period during which or date on which exercisable

AFTER 3 YEARS FROM DATE OF GRANT

19) Total amount paid (if any) for grant of the option

SAYE OPTION - £50 PER MONTH FOR 3 YEARS

20) Description of shares or debentures involved: class, number.

271 ORDINARY £1 SHARES

21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise

713P

22) Total number of shares or debentures over which options held
    following this notification

87,310

23) Any additional information



24) Name of contact and telephone number for queries

     P.M.DUDGEON


25) Name and signature of authorised company official responsible for
    making this notification

    Date of Notification        20TH JULY 2001