Acquisition

Land Securities PLC
16 June 2000



LAND SECURITIES BUY MAJOR CITY FREEHOLD

Land Securities has bought 49 Leadenhall Street/22 Billiter Street, EC3 from
the German Fund, Despa.
The building comprises 150,000 sq ft of office space and is let in its
entirety to the Institute of London Underwriters until March 2011.  The ILU
however are no longer in occupation and have sub let the space to Standard
Chartered Bank and Terra Nova.
Part of the sixth and the whole of the seventh floor are vacant and available
to let.  The total income generated is just under £5 million per annum.

Land Securities paid £63 million net for the freehold property which adjoins
its existing ownership at 109-114 Fenchurch Street.

Commenting on the acquisition, Mike Griffiths, director, Land Securities said:
'This transaction is in line with our stated objective of focusing our
management expertise on larger holdings.  The acquisition provides significant
asset management opportunities with the potential to enhance future returns.'

Outlining the rationale behind the sale, Hans Haug, Despa said: 'We have a
significant portfolio in the City and with the successful completion of 100
Wood Street, we are looking to rebalance our portfolio within the London
market.  We are currently looking at several opportunities to reinvest the
proceeds of this sale.'

Despa was advised by Insignia Richard Ellis and DTZ Tie Leung. Land Securities
was advised by King Sturge.

                                       
For further information please contact:

Mike Griffiths                                    Emma Denne/Paul Davies
Land Securities                                   Financial Dynamics
[phone]                                  [phone]