Acquisition

Land Securities PLC
2nd November 2000

Not for release, publication or distribution in or into Australia, Canada,
Japan or the United States of America

Land Securities PLC ('Land Securities')
                                       
Proposed acquisition of Trillium Investments GP Limited ('Trillium') for £165
million

Land Securities has agreed Heads of Terms to acquire the equity of Trillium
for £160m in cash and 680,000 shares, subject to due diligence.  Trillium is a
total property outsourcing business owned by management and the Whitehall
Street Funds. Land Securities will assume net debt within Trillium of
approximately £165 million.  The acquisition is consistent with Land
Securities' strategy of seeking to diversify into growth areas of the property
markets to increase earnings and improve returns on equity.

Commenting on the acquisition, Ian Henderson, Chief Executive of Land
Securities, said:

'The acquisition of Trillium continues the progress made to date of
restructuring our business to take advantage of the new opportunities in
today's property industry.  Our core business skills have already been
enhanced through the appointments of Peter Walicknowski, Francis Salway and
John Anderson, and Trillium brings us exposure to the corporate and government
property outsourcing market, a growth area where we see significant
opportunities.  It also provides us with the skills to enhance our own tenant
offering.

'We welcome the Trillium team, who I believe will provide a new dimension to
Land Securities, and this continues our strategy of growing earnings and
improving our returns.'

Trillium provides the operating skills and scale for Land Securities to
continue to pursue opportunities to grow its business within property related
Private Finance Initiatives (PFI) and the expanding corporate property
outsourcing market.  In addition Trillium will enable Land Securities to
expand its existing estate management expertise and provide value added
services to its tenants. This acquisition is complementary to Land Securities'
development and asset management business.  It is anticipated that the
acquisition of Trillium will be earnings enhancing within the first full year
post-acquisition.

Established in 1997, Trillium's principal contract is the running of PRIME,
the entire DSS occupational estate, which lasts until 2018.  PRIME covers 16
million sq ft (c 1.5million sq m) of office accommodation located throughout
the UK and comprises a mix of freehold and leasehold tenure.  In addition, for
the past nine months, Land Securities and Trillium have been working together
in joint venture bids for the BBC and London Underground Property Partnership
(LUPP) PFI contracts.  The joint ventures have been successfully short-listed
for both projects and a decision is expected on LUPP around the year-end and
on the BBC early in 2001.

It is expected that the acquisition will be completed by the beginning of
December.  Manish Chande, co-founder and Chief Executive of Trillium, will
join as a member of the PLC Board responsible for the further development of
Land Securities' total property services business.  Martin Myers, co-founder
of Trillium, will become a Special Advisor to the PLC Board of Land
Securities. Lord Griffiths of Fforestfach, Vice Chairman of Goldman Sachs
Europe, will continue as non-executive Chairman of, and Peter Walicknowski a
Land Securities' Board Director will join, the Trillium Board.

Manish Chande, Trillium's Chief Executive commented: 'The sale is a great
testament to how far Trillium has come in less than three years and also the
potential in the property outsourcing market. This year we have partnered with
Land Securities very successfully on the BBC and London Underground
outsourcing contracts, reaching the last two shortlisted bidders in both. Land
Securities will provide a very sound platform for future bids.

'I am delighted that such a prestigious and established organisation has
chosen to acquire Trillium.'

                                    

For further information:

Land Securities                         Trillium
Ian Henderson                           Manish Chande
Jim Murray                              Nicola Frost
Peter Walicknowski

020 7413 9000                           020 7796 5000


Joint Financial Advisors to
Land Securities

Schroder Salomon Smith Barney           Cazenove & Co
James Bardrick                          Richard Cotton
Peter Smart

020 7986 4000                           020 7588 2828


Advisor to Trillium

Goldman Sachs
Todd Eagle
Brian Kane

020 7774 1000


Press Enquiries
Financial Dynamics
Tony Knox
Emma Denne

020 7831 3113



Salomon  Brothers  International (trading as Schroder Salomon  Smith  Barney),
which  is  regulated  in  the  United Kingdom by The  Securities  and  Futures
Authority  Limited,  is  acting for Land Securities and  for  no-one  else  in
relation to the acquisition of Trillium and will not be responsible to  anyone
other  than  Land  Securities for providing the protections  afforded  to  its
customers nor for giving advice in relation to the acquisition of Trillium.

Cazenove & Co., which is regulated in the United Kingdom by The Securities and
Futures  Authority Limited, is acting for Land Securities and for no-one  else
in  relation  to  the acquisition of Trillium and will not be  responsible  to
anyone  other than Land Securities for providing the protections  afforded  to
its  customers  nor  for  giving  advice in relation  to  the  acquisition  of
Trillium.

Goldman Sachs International, which is regulated in the United Kingdom  by  The
Securities and Futures Authority Limited, is acting for Trillium and  for  no-
one  else  in  relation  to  the  sale to Land  Securities  and  will  not  be
responsible  to  anyone  other  than Trillium for  providing  the  protections
afforded  to  its customers nor for giving advice in relation to the  sale  to
Land Securities.



Notes to editors

1.   Land Securities is one of the UK's leading quoted property investment and
     development groups with gross assets of nearly £7.5 billion.

2.   Established in 1997, Trillium's principal contract is PRIME which lasts
     until 2018. The National Audit Office in April 1999 estimated that the   
     PRIME Contract will save the government £560 million over the life of the
     contract.

3.   Trillium intends to submit its final proposal for the London Underground
     Property Partnership on 17 November 2000.

4.   Trillium continues negotiations with the BBC following its shortlisting
     for the BBC PFI.  The selection of the successful partner is expected to 
     be announced in early 2001.

5.   The Whitehall Street Real Estate Limited Partnerships ('Whitehall' or the
     'Funds') are Goldman Sachs' primary vehicles for making substantial      
     privately negotiated equity and equity-related real estate investments   
     worldwide.  The Funds were formed in 1991 and have assets throughout     
     Europe (UK, France, Germany, Spain, Italy and Belgium).  The Funds are   
     managed by Goldman Sachs.

6.   Total property outsourcing is the acquisition of freehold and leasehold
     properties including facilities and estate management.