Acquisition / Disposal

9th November 2006

          Slough Estates Developments in Continental Europe continue           
            apace: over 60,000m2 of lettings, EUR37.8m of disposals 
                             and EUR32m of acquisitions                                  

Slough Estates International (SEI) has underlined its position as a leading
provider of flexible business space in Continental Europe. A series of recent
transactions has included over 60,000m2 of lettings and an active programme of
recycling stock across a number of major European centres.

LETTINGS

Slough Estates announces today that it has completed lettings totalling over
60,000m2 across four Continental countries. These will generate EUR3.5m of
annual incremental revenue,EUR1.9m of which starting immediately and fully
contributing by Q3-2007. The countries involved are Poland, Germany, Belgium
and France.

Poland

At the Strykow site, two deals, one with an American packaging company and the
other with a Polish retailer, amounting to lettings of over 20,000 m2, have
been signed; in Poznan, 10,500 m2 have been let to a UK healthcare company.

Germany

In Germany, lettings totalling over 20,000 m2 have been signed. These include
9,517 m2 in Kapellen with Kleine Logistics for a leading American consumer
product company, while 2 leases totalling 8,560 m² on a building in Lübeck,
formerly used by Karstadt, have been completed.

Belgium

A further 8,224 m2 have been let in Belgium. These include a built to suit of
over 5,000 m2 to Canon and 2,300 m2 to Bombardier on Pegasus Park.

France

A further 1,800 m2 of lettings have been agreed at the light industrial park Le
Blanc Mesnil, near Paris. Following these lettings, vacancy is now less than
10%

CAPITAL RECYCLING

This has also been an active period for SEI's programme of acquisition,
development and disposal at key sites in Continental Europe.

In Germany,SEI has sold over 33,000 m2 of logistics and flexible business space
at two sites to Standard Life, at a total sales price of EUR31.6m. The logistic
centre in Neuss was opened in December 2004, on a site of 44,200 m2 with 21,205
m2 of net lettable area. The second site in Ratingen was developed in 2003 on a
site of 17,304 m2.

In a separate deal, also at Ratingen , SEI has sold 10 industrial units
comprising 5,670 m2, on a site of 11,064 m2, to JEF Holdings BV, a subsidiary
of the Dubai Islamic Bank.

Both sales transactions were at initial yields better than our normal target
levels.

In The Netherlands, Slough (51%) and partners(49%) purchased in 2005 a total
site of approximately 17.1 hectares, located on the north side of the "De Hoek"
Business Park and strategically located by Schipol Airport. This area is
designed to be developed by Slough and partners into a high level security
business park (the `S Park' concept already established at the De Hoek
location). SEI has been seeking additional redevelopment opportunities at De
Hoek and has now agreed to acquire two adjacent sites. The first one (Slough
80%) is occupied by DHL (1.7 hectares) for EUR5.7m. The existing lease expires
in 2009, at which time SEI plans to redevelop the site. The second one (Slough
51%), 4.6 hectares, has been acquired from McCain for EUR 12.5m.

In Germany, SEI has agreed to acquire a 4 hectares site in Krefeld for EUR
2.25m in order to develop a new 20,000 m² light industrial scheme.

In Belgium, SEI has agreed to acquire 12.4 hectares from Scottish and
Newcastle, at Kontich - situated strategically between the main centres of
Antwerp and Brussels. Some 71,000 m2 of this site will be developed for
logistics and light industrial use, starting in early 2007.

In addition, SEI and 50% joint venture partner KBC Vastgoed have exercised an
option on the remaining 10.5 hectares at Rumst, where there is currently 43,000
m² of preleased logistics space already under construction.

Walter Hens, SEI Managing Director Continental Europe said:

"This combination of successful lettings and our highly active programme for
trading stock and recycling capital across Continental Europe is typical of how
we plan to develop our European activities in the months and years ahead."

Ian Coull, CEO of SEI, said:

"The activity over the last few months underlines SEI's determination to be the
leading provider of flexible business space across the key markets of Europe.
We are particularly encouraged by the opportunities we see in Central Europe."

                                    -ends-                                     

For further information please contact:

Slough Estates plc                      Maitland                               
Michael Waring                          Colin Browne                           
Tel: [phone]                       Tel: [phone]                     

Slough Estates International

Slough Estates is the leading European provider of flexible business space and
owns business parks in Europe and North America, with four million square
metres of business space and over 1600 customers (as at 31 December 2005).
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