Acquisition / Disposal

Where Business Works

PRESS RELEASE

3 July 2007

 SEGRO ADDS TO ITS HEATHROW PORTFOLIO AND DISPOSES OF OVER £100M OF OTHER UK   
                    PROPERTIES IN DEAL WITH LEGAL & GENERAL                    

SEGRO, the leading provider of flexible business space in Europe, has reached
agreement with Legal & General Property to acquire the Airlinks Trading Estate,
Heston (near Heathrow airport) for £31m and in parallel to sell to Legal &
General a portfolio of estates, across various sites in the UK, for £103.3m.
The Airlinks Trading Estate is currently held by Legal & General in its
Industrial Property Investment Fund (IPIF) which will absorb the portfolio of
sites being sold by SEGRO.

Andrew Gulliford, Director of Corporate Acquisitions, SEGRO plc said:

"This transaction is a further example of our policy of actively managing and
recycling our UK portfolio. We continue to acquire in prime business centres,
such as the Heathrow area, where we are already well positioned and remain very
positive about the opportunity for rental growth. Overall we remain net sellers
in the UK, particularly where assets are no longer a good fit with the
strategic clusters that form our core portfolio."

Paul Edwards, Fund Manager IPIF said. "We are very pleased with the portfolio
of sites we have acquired as they are a strategic fit with the objectives of
the IPIF. These assets are located in the South East and require intensive
management of a large number of tenant relationships. This matches the core
management skills employed by the IPIF."

The Airlinks Industrial Estate comprises a ring-fenced industrial estate, built
in the 1980s, of 24 units ranging from 2,321 sq.ft to 47,014sq ft and totalling
154,403sq ft. It is contiguous to SEGRO's existing Heston Centre holding,
providing management efficiencies and the opportunity for combined active
management of occupiers. The estate is fully let, with an average unexpired
term of circa 3 years. Current rental income is £1,597,525 pa.

The portfolio being sold comprises six sites - Redlands Industrial Estate,
Coulsdon; Cobbett Park, Guildford; Ermine Business Park, Huntingdon; Clock
Tower Road, Isleworth; Weston Industrial Estate, Weston-super-Mare; and Molly
Millers Lane, Wokingham. The six sites total 893,040sq ft in 118 units. Vacancy
on the portfolio is currently 10% by floor area and the unexpired term averages
6.5 years. Current rental income is £4,635,306 per annum.

King Sturge represented SEGRO in the transaction.


                                   - ENDS -                                    


For further information contact:

The Maitland Consultancy
Colin Browne
Liz Morley Tel: [phone]
Peter Ogden

About SEGRO

SEGRO is the leading provider of Flexible Business Space in Europe.
Headquartered in the UK, SEGRO is listed on the London Stock Exchange and on
Euronext in Paris. The company is a UK Real Estate Investment Trust ("REIT")
with operations in eleven countries, serving a diversified customer base of
over 1,760 customers operating in a wide range of sectors, representing both
small and large businesses, from start ups to global corporations. With
investment property assets of £5.0 billion (£6.0 billion including trading
properties and development assets) and 4 million sq m of business space, SEGRO
has an annual rental income in excess of £300 million.

www.segro.com