Re: Property Swap

Slough Estates PLC
24 August 2004


24 August, 2004

For immediate release


SLOUGH ESTATES 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's 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








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