Sale of Investment Property Assets

Marks & Spencer PLC
22 March 2000


            MARKS & SPENCER RAISE £220 MILLION FROM
            THE SALE OF INVESTMENT PROPERTY ASSETS

Marks & Spencer announce today (22 March 2000) that the
company has raised £220 million cash from the sale of two of
its investment properties.

Sales have been completed for The Gyle Shopping Centre in
Edinburgh and 36-42 Northumberland Street, Newcastle.  The
sales follow an extensive review of Marks & Spencer's property
portfolio and signify the first major step to maximising the
full potential of the company's property assets, since the
setting up of the Property Division.

Roger Aldridge, Executive Director, Property Division,
comments, 'The sales have given us a significant return on our
investments and have released significant capital for
strategic developments in our core businesses.  In November we
created a property division to manage more effectively our
assets and today we have seen the first results from that
initiative.'

Sale details:
  
  The Gyle Shopping Centre, located 5 miles west of
  Edinburgh City Centre, was acquired by M&S as an investment
  from the City of Edinburgh Council in 1997 for £122 million.
  The company announces today that University Superannuation
  Scheme Ltd has acquired the site for £186.75m (before costs of
  the sale).  Marks & Spencer will continue to trade from its
  110,000 sq. ft store at the Gyle.

  36-42 Northumberland Street Newcastle, a prime retail
  block developed by M&S into 3 units and subsequently let to
  Hennes, WH Smith and Collectibles, was acquired by M&S in 1997
  as part of the Littlewoods portfolio.  The company announces
  today that Morley Properties Ltd has acquired the site for
  more than £33.5million (before costs of the sale).


   SECRETARY


For further information, please contact
Tony Quinlan, Marks & Spencer                    0171 268 4195