Re Letting

Land Securities Group Plc
16 November 2004

16 November 2004


LAND SECURITIES GROUP PLC ('Land Securities')

LAND SECURITIES AGREES CITY OF LONDON PROPERTY DEAL WITH DrKW

Land Securities and Dresdner Kleinwort Wasserstein ('DrKW'), the investment
bank, have agreed Heads of Terms on a property transaction under which DrKW will
take a new lease at 30 Gresham Street, London, EC2, Land Securities'
newly-developed building in the City of London.  At the same time DrKW will
surrender its current portfolio of office space in and around 20 Fenchurch
Street, London, EC3.

The deal is made possible because Land Securities is landlord to DrKW on four of
its five City of London properties, namely 20 Fenchurch Street, Fengate House,
33 Eastcheap and 10 Fenchurch Street.

Final contracts between DrKW and Land Securities are likely to be concluded by
the end of the year. It is expected that DrKW will relocate into the new
building in early-2006.

Key benefits of the new property deal include:

•        Land Securities will retain a key client by leasing 30 Gresham Street
to DrKW, while at the same time reclaiming 20 Fenchurch Street and its adjoining
buildings, a prime City location for redevelopment.

•        DrKW will exchange its share of the freehold of the 20 Fenchurch Street
complex for a share of value creation in any subsequent development of the site
by Land Securities.

•        The opportunity for DrKW to locate all London-based staff into one
state-of-the-art building that is designed specifically to accommodate an
integrated investment bank.

•        By exchanging its existing sixty-one year lease with a shorter, modern
lease for twenty-four years DrKW improves its net long-term financial
liabilities.

Mike Hussey, Managing Director, London Portfolio, Land Securities Group PLC
commented, 'This is a mutually rewarding deal for both parties. 30 Gresham
Street is an ideal home for an investment bank and this transaction demonstrates
our ability to exploit opportunities within our existing portfolio to create
value over a number of years.  We value highly our relationship with DrKW and
are delighted that this transaction will enable us to continue to satisfy their
needs.'

Commenting today, Andrew Pisker, DrKW's CEO said, 'This is a positive deal at
the right time for DrKW. It makes financial sense, will be welcomed by staff in
London and will enhance our ability to service clients on an integrated basis.

'Furthermore, as an international bank which has historic roots in the City of
London and for whom the City remains one of our important home markets today,
this deal underlines our commitment to the City of London as a premier financial
centre for both our UK and global clients.'

This is Land Securities' third recent high profile London property deal and
follows on from the forward sale of Bankside1 to IPC, letting of Empress State
to the Metropolitan Police and recent positive news in respect to a potential
pre-let to Deloittes.

                                   -- Ends --

For more information, please contact:

Land Securities                                 Dresdner Kleinwort Wasserstein
Mike Hussey/Emma Denne                          David Waller
Tel: [phone]                        Tel: [phone]

Financial Dynamics
Stephanie Highett/Dido Laurimore
Tel: [phone]

Notes for editors

Land Securities is a FTSE 100 company, quoted on the London Stock Exchange.  It
has been at the forefront of the UK's commercial property industry for 60 years.
Today, it maintains its market leading position as the UK's largest quoted
property company by providing commercial accommodation and property services to
a wide range of occupiers.  Land Securities' objective is to create attractive
and sustainable returns for its shareholders through its activities, which
include property investment, development and property outsourcing.

It holds a market leading position in three areas of the UK commercial property
market:

  • Retail,
  • London offices and
  • Property outsourcing.

Its £8 billion investment portfolio includes more than 810,000 sq m of office
space in Central London and substantial retail holdings in Oxford Street,
Tottenham Court Road and Notting Hill Gate.  In addition it owns 15 shopping
centres and 24 retail parks located across the UK.

A substantial development programme includes regeneration schemes in historic
British cities, three major retail-led urban regeneration schemes and eight
Central London developments. Land Securities is also masterplanning one of
Europe's largest regeneration schemes in Kent Thameside.

Through Land Securities Trillium, it leads the market in property outsourcing,
where it provides accommodation and property-related services to the Department
for Work and Pensions, the BBC, Norwich Union and through a joint venture,
Telereal, to BT.

For more information on 30 Gresham Street go to www.thirtygreshamstreet.com

Dresdner Kleinwort Wasserstein (DrKW) is the investment bank of Dresdner Bank AG
and a member of the Allianz Group. Headquartered in London and Frankfurt, with
an international network of offices including in leading international financial
centres such as New York and Tokyo, it employs approximately 6,000 people around
the world. DrKW provides a wide range of investment bank products and services
to European and international clients through its Corporate Finance &
Origination and Capital Markets business lines.

DrKW's current principal London office locations are Riverbank House, 2 Swan
Lane, EC4 and 20 Fenchurch Street, London EC3, in both of which the bank has
been a tenant since 1997 and 1968 respectively. The relocation to 30 Gresham
Street will also include Kleinwort Benson Private Bank's (KBPB) staff currently
located at 10 Fenchurch Street EC3, where the private bank has been a tenant
since 1985.

Separate negotiations are under way with the Corporation of London regarding
DrKW's other current building, Riverbank House, at Swan Lane, EC4.

This transaction represents the final step in DrKW's global real estate
programme, which has also seen the firm upgrade to state of the art buildings in
Frankfurt, New York and, from November, Tokyo.


                      This information is provided by RNS
            The company news service from the London Stock Exchange