New Bond Issue

Slough Estates PLC
13 February 2001


   Slough Estates plc Launches New Sterling Bond Issue


Slough Estates plc has today launched a new Sterling Bond
issue, the terms of which are:

    Amount        £150,000,000
                  
    Maturity      2022
                  
    Coupon        7% semi-annually
                  
    Spread        245 basis points over the 8% 2021 UK
                  Treasury Gilt
                  
    Price         99.684%
                  
    Closing Date  14th March 2001
                  

The Royal Bank of Scotland led the issue and Barclays
Capital and UBS Warburg acted as co-lead managers.  Net
proceeds of the issue amount to approximately £148.5
million.

The purpose of the new issue is to provide finance for
Slough Estates' on-going development programme and for
general corporate purposes.

Dick Kingston, Slough's Group Finance Director commented:

'We are pleased to have once again been able to enter the
market and raise long term capital on attractive terms.
Slough Estates now has seven sterling issues in the
market with maturities spread between 2007 and 2024,
raising some £900 million of long term finance for our
investment portfolio.

For further information contact:

Slough Estates plc      Dick Kingston       01753 537171
                        Group Finance       after 2.30pm
                        Director
                        Trevor Mant
                        Group Treasurer
                        
The Royal Bank of       Robert St. John     020 7648 3205
Scotland

Shared Value Limited    Andrew Best         020 7321 5010