Re Agreement

Land Securities PLC
17 September 2001

17 September 2001


                   Land Securities PLC ('Land Securities')

                LAND SECURITIES TRILLIUM CLOSES DEAL WITH BBC


Land Securities Trillium ('LS Trillium') today entered into a property
partnership with the BBC ('the partnership') which combines property
development, financing, a wide range of property services and active estate
management over a 30-year term.

LS Trillium will be responsible for the management and servicing of four
million square feet of accommodation for the BBC's Scottish and London
estates.  The ownership of the BBC White City building and development site in
London will transfer to LS Trillium, and Land Securities Development will
manage the development of 550,000 square feet of new accommodation on the site
to include a broadcasting and playout centre and additional office buildings.

The partnership, which becomes operational on 12 November 2001, involves an
initial investment between now and 2003 by LS Trillium of approximately £220
million in White City, which will provide the first phase of the development
scheme detailed above.  LS Trillium will also pay the BBC £35 million.

In return the BBC will pay LS Trillium a £35 million per annum unitary charge
covering facilities management and estates strategy. This figure will rise to
£70 million per annum on completion of the White City project at the end of
2003 to account for the provision of the new accommodation.

The scope and therefore the value of the project to LS Trillium could increase
over time subject to the approval of the BBC Board of Governors. The
management of the remaining BBC estate (around three million square feet) may
be transferred to the partnership over time. Future opportunities for the
partnership include the redevelopment of Broadcasting House, London and the
new headquarters for BBC Scotland at Pacific Quay, Glasgow.

Ian Henderson, Group Chief Executive of Land Securities commented: 'This is a
further step towards securing additional earnings through partnerships with
organisations that wish to divest their property portfolios in order to focus
on their core activities. We look forward to delivering a first class service
to one of the world's leading broadcasters.'

Manish Chande, LS Trillium's Chief Executive added; 'We are looking forward to
an exceptionally productive and close partnership with the BBC. This is an
excellent opportunity for LS Trillium to push the boundaries of property
management. As the BBC meets the challenges facing the broadcasting industry
LS Trillium will take great pride in providing it with the infrastructure to
operate successfully.'


                                   - Ends -

Enquiries

LS Trillium/Nicola Frost
020 7796 5528


Land Securities/Emma Denne
020 7024 5460

Financial Dynamics/Stephanie Highett
020 7831 3113

BBC Press Office
020 8576 1865

Notes to Editors


1. Land Securities and Trillium submitted the original bid under the
name '2020 Insight' prior to Land Securities' acquisition of LS Trillium (then
Trillium) in November 2000. LS Trillium was announced the preferred bidder for
the contract on 22 March 2001.

2. Land Securities is one of Britain's leading real estate companies with
fixed assets of  £8.3 billion.

The company has a diversified portfolio comprising four core areas of
investment - central London offices and shops, shopping centres, retail
warehouses, and industrial and warehousing premises in the South East.

3. LS Trillium was established in 1997. It combines capital, estate and
facilities management expertise in a total outsourcing package which has
revolutionised the provision of serviced accommodation. In 1998, LS Trillium
won the PRIME contract to own and manage the majority of the Department for
Work and Pensions' (formerly the Department of Social Security) property
portfolio. In June 2001, Telereal, a 50-50 joint venture between LS Trillium
and The William Pears Group, entered into a legal agreement to acquire BT's £
2.3 billion property portfolio. LS Trillium is also one of two shortlisted
bidders for the London Underground Property Partnership.