Re Joint Venture

Slough Estates PLC
                  

               SLOUGH ESTATES PLC AND HELIOS PROPERTIES
                     FORM NEW DEVELOPMENT COMPANY

Helios Properties, the specialist distribution development company run by Trevor
Cartner and Mike Hughes, has formed a £150 million joint venture with Slough
Estates plc, the quoted property company, to develop large scale distribution
parks.

Known as HelioSlough Ltd, the 50/50 jv aims to develop a network of strategic
distribution parks throughout the UK with each park having the potential for
over 92,900 sq m (1 million sq ft) of B8 (distribution warehousing) space.

Both companies have made an equity injection and, after gearing, HelioSlough
will have an initial £150 million available to invest in the sector.

In addition, Helios Properties has transferred five of its development sites
into the new vehicle with an aggregate development area of over 464,500 sq m
(five million sq ft).

Trevor Cartner, director of Helios says 'Helios' proven ability to deliver large
scale development projects together with Slough Estates' financial acumen and
breadth of experience is a potent combination. We have established a powerful
team at HelioSlough and aim to become a dominant force in distribution
development.'

Ian Coull, CEO of Slough Estates plc commented: 'Slough Estates has successfully
developed large distribution parks in Belgium, France and Germany but this joint
venture with Helios Properties will enable us to extend our distribution
offering to the UK, by leveraging off previous experience and extending our
network of facilities which will be attractive to our customers. HelioSlough
aims to take a significant share of the market for large distribution space in
the UK which we believe to be a financially attractive area for development.'

The board of HelioSlough will comprise Ian Coull and David Larkworthy of Slough
Estates and Trevor Cartner and Mike Hughes of Helios.

King Sturge advised the Joint Venture.

For more information please contact:

Trevor Cartner, Helios Properties Plc  Tel: [phone]
Ian Coull, Slough Estates plc          Tel: [phone]
Ian Purvis, Porterfield PR             Tel: [phone]
Emily Bruning, Shared Value Ltd        Tel: [phone]