Disposal of Asset

Land Securities PLC
1 February 2001


1 February 2001



                 LAND SECURITIES MAKES FURTHER CITY DISPOSAL

        Topland Group acquires 33 King William Street for £85 million





Land Securities PLC ('Land Securities') announces that it has sold 33 King
William Street, London EC2 to Topland Group ('Topland') for £85 million.



Topland is a private property investment company with a mixed portfolio valued
at in excess of £1 billion, £400 million of which has been acquired in the
past twelve months.



The building, which was developed by Land Securities in 1983, comprises 12,900
sq m (139,000 sq ft) of high quality office space.  It is let in its entirety
to Merrill Lynch for a term expiring in June 2014 at an annual rent of £6.775
million per annum - £554.00 per sq m (£51.50 per sq ft).



Commenting on the sale, Francis Salway, Chief Executive Officer of Land
Securities Portfolio Management, said:



'We believe that the City offers excellent potential for development and have
over the past 12 months invested £230 million into assets with future
development prospects.  However, to ensure that we do not become over-exposed
to the City we have also been seeking to dispose of assets, which offer less
opportunity to add value through redevelopment or new lettings.  The disposal
of King William Street is consistent with this strategy.'



Sol Zakay, Chairman and Chief Executive of Topland, said:



'We are looking to spend up to £600 million on acquisitions in the City over
the next twelve to eighteen months.  As long-term investors, we believe that
the City offers excellent prospects for both rental and capital growth on a
ten-year view.'



Strutt & Parker advised Land Securities.





For further information, please contact:


Land Securities                                    Tel: [phone]

Francis Salway/Emma Denne

Financial Dynamics                                 Tel: [phone]
Stephanie Highett/Kate Vandermeer

Topland Group                                      Tel: [phone]
Sol Zakay/Adrian Baker

Tavistock Communications                           Tel: [phone]
Jeremy Carey/Bella Pagdin



Notes to Editors:



In the past two months, City investment acquisitions by Topland include 51-55
Gresham Street, acquired for £45 million also from Land Securities and 150
Aldersgate Street acquired last week for £33 million from Slough Estates.