Disposal

Slough Estates PLC
                  

   Slough Estates Agrees Sale of Quail West for a Net $57.5 Million

Slough Estates plc, a leading provider of flexible business space, today
announced the exchange of contracts for the sale of Quail West, its residential
leisure complex in Naples, Florida, to Ginn Development Co. LLC, a prominent
developer of golf courses and residential resorts, for a net $57.5 million to be
paid over a four year period. The sale is contingent on the resolution of a
conservation easement which is expected to be resolved during the first quarter
of 2005.

Ian Coull, Chief Executive of Slough Estates commented: 'We announced our
intention to divest our non-core holdings, including Quail West, following a
strategic review of the company in 2003. The improved market for high end
leisure developments in the US has enabled us to achieve a good price for Quail
West. Also the sale demonstrates that we have achieved better prices for our
non-core assets by taking time to explore each selling opportunity. Our focus in
the US is now mainly on our life science properties in California, where we have
a number of exciting development prospects.'

For further information contact:

Slough Estates plc                    Shared Value Limited
Ian Coull, Chief Executive            Andrew Best / Emily Bruning
Tel: [phone]                     Tel: [phone] / 5027


Slough Estates is a leading provider of flexible business space in business
parks in Western Europe and North America, with over 1700 customers occupying
2.9 million square metres of business space, with a total value of £3.6 billion.
Slough Estates' properties are in suburban locations in close proximity to the
main business centres, where there is long term demand for business
accommodation to serve these key economic regions. The company's main activities
are currently based around London, Brussels, Paris, Düsseldorf, San Francisco
and San Diego and the company continues to develop new business parks with the
long term objective of building shareholder value and enhancing its reputation
for quality buildings offering excellent value to customers.

www.sloughestates.com