Statement re Option Arrangement to Purchase

Slough Estates PLC
                  

16th July 2005

Slough Estates Enters into Option Arrangement to Purchase Entities Owning two UK
Industrial Property Parks

Slough Estates Plc, a leading provider of flexible business space, today
announces that it has entered into options with WB Woodside II, L.P. and WB
Heywood L.P. (two limited partnerships managed by Moorfield Investment
management Limited a subsidiary of Moorfield Group Limited) owning holding
entities, which in turn own two major multi-let estates. If the options are
exercised by Moorfield managed partnerships on or before Monday 18th July 2005,
this will commit Slough to purchase the entities, at a cost of £276 million, in
cash. The acquisition will be funded by existing banking facilities.

The estates held by the entities are on important strategic sites, and provide
prime industrial property with high calibre occupiers as well as development
land. The addition of these estates would be in line with Slough Estates'
strategy of focusing on industrial property, in order to provide flexible
business space for its customers. The estates would enhance Slough's existing
portfolio of industrial assets in the UK.

Slough Estates is a leading provider of flexible business space in business
parks in Western Europe and North America, with over 1500 customers occupying
2,996,967 square metres of business space, with a total value of £3.9 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, Amsterdam, 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

For further information contact:

Slough Estates                             Shared Value Limited
Andy Gulliford, Director, Corporate        Emily Bruning
 Acquisitions                              Tel: [phone]
Tel: [phone]
Ian Coull, Chief Executive
Tel:  [phone]