Disposal

Slough Estates PLC
                  

Pfizer Buys Life Sciences Campus from Slough Estates for $372 Million

Slough Estates plc, a leading provider of flexible business space, today
announced that Pfizer has purchased their Global Research and Development Center
in San Diego from Slough Estates for $372 million. The master-planned campus,
developed by Slough Estates USA Inc, is situated on a prominent site in the
prestigious Torrey Pines life sciences market area. Following the disposal,
Slough will continue to own about 700,000 square feet of life sciences product
in the area and an additional 80 acres of development land in San Diego County.

The Pfizer campus includes eight buildings totalling 770,000 square feet. The
half-year valuation of $275 million compared very favourably to the total
development cost of $175 million. Slough constructed the project over a
five-year period commencing with Agouron Pharmaceuticals in 1999, which
subsequently became a subsidiary of Warner-Lambert. In 2000, following the
acquisition of Warner-Lambert by Pfizer, the campus was expanded significantly.

The proceeds from this sale and other selective dispositions will primarily be
redeployed in Slough's life sciences business in California as part of the
broader strategic objective to reinforce Slough Estates USA Inc. as a
self-financing part of the Group.

Ian Coull, Chief Executive of Slough Estates commented: 'The acquisition of its
Global Research and Development Center by Pfizer reflects the quality of our
projects in California and validates the success that we have achieved in life
sciences facilities development by working closely with our customers to deliver
a market leading product. The transaction also evidences the attractive
financial returns that Slough has achieved in the provision of laboratory space
to the rapidly-growing life sciences industry. The sale price and profit
achieved confirm and support our positive view of the valuation of the entire
Slough life sciences portfolio.'

UBS acted as sole financial advisor to Slough Estates on this transaction.

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