Acquisition(s)

SLOUGH ESTATES JOINS WITH THE AIRPORT PROPERTY PARTNERSHIP TO ACQUIRE 50 ACRE 
                           HEATHROW LOGISTICS CENTRE                           

Slough Estates and The Airport Property Partnership ("APP"), the specialist
joint venture between BAA plc and Morley Fund Management, announce the creation
of a new vehicle, the Colnbrook Industrial Limited Partnership, which has
acquired a 50 acre site immediately adjacent to the M25 and near the new
Terminal 5 building at Heathrow Airport.

The Airport Property Partnership is asset managed by BAA Lynton, a wholly owned
subsidiary of BAA plc, who will also asset manage the Colnbrook Industrial
Limited Partnership.

The site, which has been acquired from Argent for £32 million, comprises a
150,000 sq ft logistics centre leased to Heathrow Airport and an aggregates
facility leased to Foster Yeoman. Argent, who were advised by Gowers, still
retain a further 215 acres at Colnbrook.

The strategic location of the site, adjacent to Heathrow and the motorway
network, makes it a natural fit for Slough's portfolio. Slough already owns 85
hectares of land in the West London and Heathrow area, with 356,665 sq m of
business space.

Phil Redding, Slough's Regional Director for West London comments:

"Slough is delighted to have formed a partnership with APP, and to have secured
such a strategic site within the Heathrow market. The parties bring a unique
combination of expertise and knowledge to the Partnership, which will help
ensure its success."

                                    -ends-                                     

For further information please contact:

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


Notes to editors

Slough Estates International is the leading European provider of flexible
business space and owns business parks in Europe and North America, with
property assets of £5.6bn, with over four million square metres of business
space and over 1,700 customers - all as at 30 June 2006. SEI has an annual rent
roll of £289m and the weighted average unexpired lease length is 11.9 years.
Flexible business is space on industrial sites or business parks which is put
to multiple uses, such as manufacturing, light assembly, distribution (both
"small" and "big-box"), research and development, offices and warehousing.
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 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

Airport Property Partnership

APP is the UK's largest investor in airport related commercial property with
gross assets of £890 million. APP was created in March 2005 as a 50:50 joint
venture between BAA plc and Morley Fund Management. The fund manager of APP is
Morley Fund Management, the asset and development manager is BAA Lynton.
Further details on the properties are available at www.baalynton.com

BAA Lynton

BAA Lynton is the commercial property division of BAA plc, which is the world's
leading airport company. BAA Lynton's principal role is to provide asset
management to APP, a joint venture between Morley Fund Management and BAA plc.
Further details are available at www.baalynton.com

Morley Fund Management

Morley Fund Management Limited is the UK-based asset management business of
Aviva plc.  Firms within the Morley group of companies manage £156bn from
offices around the world as at 28 February 2006. The property team manages in
excess of £23 billion of UK and European property assets, making Morley the
largest property fund manager in Europe.

Awards

  * 2006, Outstanding Company of the Year Award, CEE Real Estate Quality Awards
   
  * 2006, Investor of the Year Award, CEE Real Estate Quality Awards
   
  * 2005, UK Pensions Awards Property Fund Manager of the Year
   
  * 2004, Property Week Fund Manager of the Year Award
   
The property team consists of 70 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 eleven specialist sector based funds with partners, including the
Jersey-based Unit Trusts: Igloo Regeneration Fund, Quercus Healthcare Property,
The Junction and The Mall. Visit www.morleyproperty.com