SEGRO signs pre-let with O2

SEGRO BATH ROAD DEAL SIGNIFIES LARGEST THAMES VALLEY              
                               PRE-LET THIS YEAR

In a move that underlines Slough's position as a premier international business
location, O2 and Slough Trading Estate (part of SEGRO plc) today confirmed that
the leading mobile phone network provider will bring together all O2 UK head
office functions to a single campus location on Slough Trading Estate.

The agreement, which covers more than 300,000 sq ft of accommodation, includes
the development of a new 110,000 sq ft building at 264 Bath Road, the largest
pre-let to be completed in the Thames Valley area this year.

O2, which was this month ranked as one of the top five employers in the UK,
will occupy the 4-storey building that will be linked to its existing premises
on Bath Road to form a single campus environment. The new building will be
highly sustainable in design and benefit from a range of energy saving
technologies including renewable energy, supplied by Slough Heat & Power.

The building will be taken on a 15-year lease. As part of the portfolio
reorganisation, O2 has extended its lease on its existing premises for a
further 15 years and Slough Trading Estate will become responsible for
O2's town centre premises at 1 Brunel Way when they move to the campus
location.

Slough fought off stiff competition from a variety of prominent business
locations across the UK to attract O2, which is a wholly-owned subsidiary of
Telefónica S.A.

The largest pre-let to be completed in the Slough area this year, the deal is
yet another indication of the Trading Estate's burgeoning popularity among the
IT and telecommunications sector, with the presence of companies including
Research in Motion, the company behind the BlackBerry®, Vodafone and LG
Electronics, forming a robust industry cluster.

The new development represents the latest phase of upgrade work throughout the
Estate, and is part of an ongoing programme of redevelopment and refurbishment,
which ensures the availability of modern stock to meet the diverse needs of
both current and potential occupiers.

                                    -ENDS-                                     

Contacts:

The Maitland Consultancy
Peter Ogden Tel: [phone]

SEGRO
Michael Waring Tel: [phone]

Notes to editors:

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.

Slough Trading Estate
Founded in 1920, Slough Trading Estate was the world's first trading estate
and, to this day, is the largest business centre of its kind in Europe under
single private ownership. The Estate covers 196 hectares and includes a total
of around 700,000 sq. m of business space, occupied by over 400 companies and
20,000 people. The Estate provides a wide range of accommodation from 44 sq. m
units for small start-up companies, to space for major international companies.