Sale of Centennial Business Park

19 January 2007

SLOUGH ESTATES' CAPITAL RECYCLING STRATEGY SEES FURTHER SALE AT ELSTREE AND NEW
                          ACQUISITION IN PETERBOROUGH                          

Slough Estates International ("SEI"), a leading provider of flexible business
space, has completed the sale to ING Real Estate of its Phase 300, Centennial
Business Park in Elstree for £21 million.

The sale encompasses 12 production/warehousing units totalling 10,735 sqm,
providing rental income of £1,338,000 per annum. The price reflects a net
initial yield of 5.97%.

This latest transaction follows a phased sale of properties on the Park aimed
at recycling capital. The first sale was Phases 100 and 200 to Morley Fund
Management in November 2005 for £35 million, followed by the sale of Phases 600
and 700 to the Scarborough Group in January 2006 for £16 million. Phases 100
and 200 comprise 22,466 sqm of production/warehousing space in 16 units and
Phases 600/700 comprise four office buildings totalling 6,285 sqm.

SEI is currently developing Centennial Business Park's Phase 400 "Northpoint"
freehold-for-sale scheme, made up of 21 business units totalling 7,250 sqm and
due for completion in Summer 2007. Contracts have also been exchanged with De
Vere for one of its "De Vere Village" hotels, subject to planning, which will
provide amenity to the businesses located in the Park.

SEI has also acquired the Manasty Road Industrial Estate in Peterborough for £
17.5 million. This multi-let industrial estate, strategically located adjacent
to Junction 17 of the A1(M), extends to 7.8 Ha and provides 28,984 sqm of
business space in 45 units, used mainly for warehousing and light industrial
purposes. The passing rent is £867,020 per year and major tenants include the
Inland Revenue and ChoicesUK, the home entertainment company.

The acquisition extends SEI's portfolio into a new geographic location and
presents good potential for growth - already there is interest from prospective
tenants, with one new letting and two further units under offer.

John Danks, Regional Director for North London and East of England commented:
"These transactions demonstrate an active acquisition and disposal programme
across the region. We are recycling mature assets when there is a good
opportunity to realise value created, whilst investing in areas where we can
add value from asset management or development. Our recent management of
Centennial Business Park has realised value for the business and has enabled
investment in areas such as Peterborough, which will in turn expand our
presence in the North London & East region."

For Centennial Business Park, SEI were advised by Jones Lang LaSalle and ING
Real Estate by Strutt and Parker. For Peterborough, SEI were advised by Drivers
Jonas.

For further information please contact:

Slough Estates                                                           
Michael Waring, Director of Corporate Communications                                                               
Tel: [phone]                                                              
                                                                               
Maitland                                                                       
Peter Ogden                                                                
Tel: [phone]                                                             



Notes to editors

Slough Estates International (SEI)

The leading European provider of flexible business space, SEI owns business
parks in Europe and North America, with property assets of £5.6bn, more than
four million square metres of business space and more than 1,700 customers. SEI
has an annual rent roll of £289m and a weighted average unexpired lease length
of 11.9 years. Flexible business space is industrial sites or business parks
put to multiple uses such as; manufacturing, light industrial, distribution
(both `small' and `big-box'), research and development, offices and
warehousing. SEI's properties are in suburban locations in close proximity to
main business centres with long-term demand for business accommodation. 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. (Figures quoted as at results to 30 June
2006)

www.sloughestates.com

Photographs

  * Unit 370 of Phase 300 Centennial Park, leased at the beginning of 2005 to
    Apatech, a global leader in synthetic bone graft technologies. http://
    www.sloughestates.com/seiimages/centennial_park_300_elstree.jpg
   
  * Aerial view of the Manasty Road Industrial Estate, with boundary line
    marked in red http://www.sloughestates.com/seiimages/
    manasty_road_aerial.jpg