Further re B Shares

Land Securities Group Plc
16 September 2002

Land Securities Group PLC


Reduction of capital and repayment of B Shares


At a hearing today, the High Court approved the Land Securities Group PLC
Reduction of Capital. The Reduction of Capital, which facilitates the repayment
to shareholders and the creation of distributable reserves, will become
effective on 17 September. At that time, the nominal value of each Land
Securities Group PLC Ordinary Share will be reduced from 683 pence to 10 pence.


By 6 p.m. on 13 September valid Forms of Election in respect of 501,057,544 B
Shares, representing 94.4% of the B Shares in issue, had been received and not
revoked. These B Shares will be repaid at 102 pence per share on 17 September.
Monies due in respect of this repayment will be credited to CREST accounts or
despatched by cheque by 19 September.


Following this repayment 29,733,840 B Shares will remain in issue. The next
repayment date for B Shares remaining in issue will be 17 April 2003.






This announcement, which has been issued by and is the sole responsibility of
Land Securities Group PLC, has been approved by Cazenove & Co. Ltd ('Cazenove')
of 12 Tokenhouse Yard, London EC2R 7AN solely and specifically for the purposes
of section 21 of the Financial Services and Markets Act 2000. Cazenove, which is
regulated by the Financial Services Authority, is acting for Land Securities PLC
and Land Securities Group PLC and no-one else in connection with the return of
capital and will not be responsible to anyone other than Land Securities PLC or
Land Securities Group PLC for providing the protections afforded to customers of
Cazenove or for giving advice in relation to the return of capital.



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