Re: Bond Issue

Land Securities Group Plc
15 October 2004


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE
UNITED STATES

15 October 2004


LAND SECURITIES GROUP PLC

LAND SECURITIES PLC - UNSECURED BONDHOLDERS ACCEPTANCES

Following its offers to bondholders announced on 27 September(1), Land
Securities PLC announces that, as at 12 October 2004, the Early Submission Date
for holders of each series of Bearer Bonds, it has received acceptances that
exceed the requisite majority necessary to pass the relevant extraordinary
resolutions to be proposed at the bondholder meetings scheduled to take place on
22 October 2004.

The Early Submission Date for the 10% First Mortgage Debentures due in 2025,
2027 and 2030 is 19 October 2004(2).

                                    - End -



For further information, please contact:

Land Securities Group PLC                      Financial Dynamics
Andrew Macfarlane/Emma Denne                   Stephanie Highett/Dido Laurimore
Tel: [phone]                      Tel: [phone]


     
(1)  The offers to bondholders announced on 27 September 2004 are set out in
     the Prospectus, Offer and Consent Solicitation Document published on that 
     date ('the Offer Document')

(2)  Defined terms used in this announcement have the same meaning as given to
     them in the Offer Document


Important Notice

No offer or invitation to acquire or exchange any securities or proposals to
Existing Noteholders is being made pursuant to this press release.  Any such
offer, invitation or proposals are only being made in the Offer Document and any
such acquisition or exchange or acceptance of such proposals should be made
solely on the basis of information contained in the Offer Document.  A copy of
the Offer Document is available at the offices of Citigroup Global Markets
Limited at Canada Square, Canary Wharf, London E14 5LB.

This press release is not an offer of securities for sale in the United States.
The new bonds to be issued under the new structure have not been and will not be
registered under the United States Securities Act of 1933, as amended (the '
Securities Act') and may not be offered or sold within the United States or to
or for the account or benefit of U.S. Persons (as defined in Regulation S under
the Securities Act ('Regulation S')), except pursuant to an exemption form, or
in a transaction not subject to, the registration requirements of the Securities
Act.  Accordingly, the new bonds will be offered and sold only (A) to Qualified
Institutional Buyers in reliance on the exemption from the registration
requirements of the Securities Act provided by Rule 144A under the Securities
Act and (B) outside the United States to non-U.S. Persons in compliance with
Regulation S.


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