Offer Document Posted

Land Securities Group Plc
12 August 2005




RNS Announcement for release on 12 August 2005


Tops Estates PLC (the 'Company') £75,000,000  10 1/4 % First Mortgage Debenture
Stock 2011/16 (the 'Stock')

Tops Estate PLC, a wholly owned subsidiary of Land Securities Group PLC, today
provided a Notice to Stockholders of a Stockholder Meeting to be held on 5
September 2005 to propose an Extraordinary Resolution to permit the redemption
of all outstanding Stock.

If the Extraordinary Resolution is passed, the Company proposes to redeem the
Stock on the Early Redemption Date at the Repurchase Price plus Accrued
Interest. The Repurchase Price will be based upon a Repurchase Spread of 48bps
over the mid-market yield of the 5% UK Treasury Gilt due 7 March 2012 as
calculated by the Co-ordinator as more fully described in the Explanatory
Memorandum.  The Pricing Date will be one business day after the Redemption
Resolution is passed. It is proposed that the Early Redemption Date would be 9
September 2005.

The proposals are being made upon the terms and subject to the conditions
contained in the Explanatory Memorandum dated 12 August 2005 and terms used
herein and not otherwise defined have the meanings ascribed to them in the
Explanatory Memorandum. The proposals are not being made to Stockholders in any
jurisdiction in which such proposals would not be in compliance with the
securities laws of such jurisdictions, as described in the Explanatory
Memorandum.

Copies of the Explanatory Memorandum are available on request from the
Registrar: Capita IRG Plc, The Registry: [phone].

Citigroup Global Markets Limited is the sole Co-ordinator.  For further
information please contact Liability Management Group:  [phone]


12 August 2005


Tops Estates PLC
Land Securities Group PLC




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