Issue of Unsecured Bonds

Land Securities Group Plc
14 February 2003

PRESS RELEASE

14 February 2003


LAND SECURITIES PLC ('Land Securities')
Land Securities issues £600 million unsecured bonds

Land Securities PLC, a subsidiary of Land Securities Group PLC, has raised a
total of £600 million by means of two new issues in the Sterling bond market.
The issues, £400 million due 2013 (the '2013 issue') and £200 million due in
2024 (the '2024 issue'), represent Land Securities' first capital markets
activity since 1995.  The joint lead managers and bookrunners to the issues are
Barclays Capital, Schroder Salomon Smith Barney and The Royal Bank of Scotland.
The bonds are expected to be rated A / A2 / A- by Fitch, Moody's and S&P,
respectively.

The 2013 Bonds were priced to yield a margin of 175 basis points over the gross
redemption yield of the 5 per cent Gilt due 2012 and the 2024 Bonds were priced
to yield a margin of 195 basis points over the 8 per cent Gilt due 2021.

Applications have been made to the Financial Services Authority for the Bonds to
be admitted to the official list of the UK Listing Authority and to the London
Stock Exchange plc for the Bonds to be admitted to trading.  It is expected that
official dealings in the Bonds will commence on the London Stock Exchange on 28
February 2003.

The proceeds of the issue will be used to repay drawings under Land Securities'
existing committed bank facilities.

Andrew Macfarlane, Group Finance Director, said:

'The issue provides an important source of finance and reinforces our commitment
to an unsecured financing policy.  The issue marks a successful return to the
bond markets for us, following an eight year absence and has attracted strong
interest from a wide range of investors.'

                                     -Ends-


For further information, please contact:

Land Securities
Martin Wood / Jennifer van der Eem
Tel: [phone]
www.landsecurities.com


                      This information is provided by RNS
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