Statement re Sale of Business Space at

Slough Estates PLC
                  

SLOUGH ESTATES AGREES SALE OF BUSINESS SPACE AT CENTENNIAL PARK, ELSTREE

Slough Estates International ('SEI'), a leading provider of flexible business
space, has exchanged contracts with Morley Fund Management for the sale of the
first two phases of its Centennial Business Park in Elstree for £35 million.

Phases 100 and 200 comprise 22,466 sqm of production/warehousing space in 16
units providing rental income of £2,277,000 per annum. The sale price reflects a
net initial yield of 6.15%.

SEI is currently marketing its Phases 600/700 office scheme comprising 4 office
buildings of 6,285 sqm. It intends to retain the remaining business space at
Phase 300 as well as nearly 10 acres of development land.

John Danks, Regional Director at SEI commented: 'This sale follows a portfolio
review and is in line with Slough's strategy of trading stock and recycling
capital across the UK portfolio through an active acquisition and disposal
programme. The remaining land provides us with an excellent development
opportunity within the M25. It follows the recent acquisition of the 100 acre
Woodside Estate at Dunstable which has strengthened our North London and East of
England Region'.

Roger Sporle, Fund Manager at Morley comments. 'This is a strategic purchase of
a major industrial holding within the M25, where quality investment product is
extremely scarce, and therefore offers the opportunity for good performance.'

Slough Estates International was advised by Jones Lang LaSalle and Morley by DTZ
Debenham Tie Leung and Jansons.

For further information please contact:


Slough Estates                                  Shared Value Ltd
Michael Waring                                  Andrew Best / Emily Bruning
Director of Corporate Communications            Tel: [phone] / 5027
Tel: [phone]


Notes to editors

Slough Estates

www.sloughestates.com

Slough Estates is a leading provider of flexible business space in business
parks in Western Europe and North America, with over 1500 customers occupying
approximately 3m square metres of business space. 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, Amsterdam, 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

At its interim results this year Slough Estates highlighted increased
development starts in Europe with 5,509 sq m completed in H1, 64,029 sq m under
construction at the end of the first half of 2005 and with 56,112 sq m of
possible starts in the second half of 2005.

Morley Fund Management

Morley Fund Management ('Morley') is a London based, asset management business
with over £134 billion (€198 bn)** under management. The property team manages
in excess of £17 billion (€24bn) of UK and European property assets, making
Morley one of the largest property fund managers in Europe. Winners of the high
profile Property Week Fund Manager of the Year Award 2004 and the UK Pensions
Awards 2005 Property Fund Manager of the Year, the team consists of over 60
investment professionals and manages a range of funds on behalf of
institutional, pension and retail clients. Morley has been at the forefront of
innovation in property fund management and has launched a range of specialist
sector based funds, including: Igloo Regeneration Fund, Quercus Healthcare
Property, The Junction and The Mall.

**Not including mortgage assets, as at 30/06/05