Disposal - Replacement

Land Securities Group Plc
6 January 2005


The following amendment has been made to the 'Disposal' announcement released 
today at 07:00 under RNS No 0705H.

The second heading within the text of the announcement that read 'Land 
Securities SELLS GRAND BUILDINGS, LONDON WC2' has been removed. 

All other details remain unchanged.

The full amended text is shown below.



6 January 2005



LAND SECURITIES GROUP PLC ('Land Securities')



Land Securities announces sale of regional retail properties


Land Securities announces the completion of two transactions comprising the sale
of regional retail properties, totalling 21,000 sq m (225,960 sq ft), to four
purchasers for approximately £115m.



In one transaction, Land Securities completed the sale of a portfolio of eight
high street retail properties to CBRE Investors acting on behalf of in-house
pension fund clients for a figure in excess of £58m, showing an overall initial
yield of 5.14%.



The following properties were sold:

  • City Arcade, Birmingham
  • 23/25 Foregate Street & 10 Frodsham Street, Chester
  • 63/65 Above Bar Street & 30 Portland Street, Southampton
  • 82-87 Bradford Street & 1/11 Park Street, Walsall
  • 10/10A Coney Street, York
  • 56/58 Clarence Street & 90 Eden Street, Kingston upon Thames
  • 4-4D Castle Street, Norwich
  • 22/24 New George Street, Plymouth.



In a further transaction, Land Securities exchanged contracts for the sale of
its Coventry retail holdings for a sum in excess of  £57m, showing an initial
yield of 5.9%.  The transaction involved the sale to Morley Fund Management,
acting for and on behalf of Norwich Property Trust Limited, of The Precinct,
Coventry comprising 33 shops and Leofric Hotel for approximately £51.8m and the
sale to Morley Pooled Pensions Limited of 21/25 Hertford Street, comprising 4
shops and a public house for approximately £5.3m.



Commenting on the transactions, Richard Akers, Managing Director, Retail
Portfolio at Land Securities, said:



'These properties are all let to strong tenants and have performed very well for
Land Securities during our period of ownership, creating significant value for
shareholders.  The sales are in accordance with our strategy of investing in
shopping centres and retail parks where there are opportunities to add value
through active asset management.'



Land Securities was advised by Dalgleish on the high street portfolio and Franc
Warwick on the properties in Coventry.



CB Richard Ellis represented CBRE Investors. Knight Frank represented Norwich
Property Trust Limited and Morley Pooled Pensions Limited.



                                     -ends-



For further information please contact:



Richard Akers/Melissa Winsor

Land Securities

Tel: [phone]



Stephanie Highett/Dido Laurimore

Financial Dynamics

Tel: [phone]



Editors Notes -



Land Securities is a FTSE 100 company, quoted on the London Stock Exchange.  It
has been at the forefront of the UK's commercial property industry for 60 years.
  Today, the Group maintains its market leading position as the UK's largest
quoted property company by providing commercial accommodation and property
services to a wide range of occupiers.  The Group's objective is to create
attractive and sustainable returns for its shareholders through its activities,
which include property investment, development and property outsourcing.



Land Securities holds a market leading position in three areas of the UK
commercial property market:



•       Retail

•       Central London offices and

•       Property outsourcing.



Its £8 billion investment portfolio includes more than 810,000  sq m of office
space in Central London and substantial retail holdings in Oxford Street,
Tottenham Court Road and Notting Hill Gate.  In addition the Group owns 18
shopping centres and 25 retail parks located across the UK.


                      This information is provided by RNS
            The company news service from the London Stock Exchange