Re: Property Swap

Land Securities Group Plc
24 August 2004

24 August 2004


LAND SECURITIES GROUP PLC

LAND SECURITIES AND SLOUGH ESTATES AGREE PROPERTY SWAP

Land Securities Group PLC ('Land Securities') and Slough Estates plc ('Slough
Estates') announce that they are in exclusive negotiations for a swap of the
majority of their respective industrial and retail property portfolios.  This
potential exchange of assets follows on from Land Securities' recently announced
decision that it wished to divest its industrial portfolio and Slough Estates'
declared intention to focus primarily on business space.

Commenting, Francis Salway, Land Securities' Group Chief Executive, said: 'We
announced earlier in the year our intention to exit the industrial sector, which
represents less than 5% of our portfolio, and concentrate on the sectors where
we have market-leading positions.

'Given the quality of our industrial portfolio, together with our wish to
acquire further retail properties, we sought a property swap as an efficient way
to achieve this aim.  We are delighted to have agreed this swap with Slough
Estates and to have made such swift progress in our negotiations. The
acquisition of Slough's shopping centres will reinforce the strength of our
position in the retail market.'

Ian Coull, Slough Estates' Chief Executive, added: 'We have excellent retail
assets, but our retail portfolio is too small to give us meaningful sector
diversification, and therefore it is attractive for us to exchange our shopping
centres for core business space property.

'Land Securities' business space portfolio fits very well with our existing
properties and represents a one-off opportunity to acquire a substantial
industrial portfolio in the south east of England. The swap will further
consolidate our position as the dominant player in UK business space.'

                                    - end -

For further information:

Francis Salway/Melissa Winsor                         Stephanie Highett
Land Securities Group                                 Financial Dynamics
020 7413 9000                                         020 7831 3113

Ian Coull                                             Andrew Best/Emily Bruning
Slough Estates                                        Shared Value
01753 537171                                          020 7321 5022


Notes to Editors

Land Securities Group PLC provides commercial accommodation and property
services to a wide range of occupiers across the United Kingdom.  The Group's
objective is to create long-term and sustainable returns for shareholders
through its property activities, which include property investment, development
and total property outsourcing.

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

  • offices and shops in central London
  • shopping centres and out of town retail parks across the UK
  • property outsourcing.

It has an extensive development programme which includes the delivery of
retail-led regeneration in several major UK cities, brownfield site regeneration
in the south-east and new office schemes in central London.

As market leaders in outsourcing, Land Securities Trillium provides
accommodation and property-related services to the Department of Work and
Pensions, the BBC and through a joint venture, Telereal, to BT.

Land Securities is a FTSE 100 company, committed to environmental initiatives
and community involvement.  This has been recognised by the inclusion within the
FTSE 4 Good Index and Dow Jones Sustainability Index.

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