Re Birmingham Alliance

Land Securities Group Plc
22 July 2004

22 July 2004


LAND SECURITIES GROUP PLC


The Birmingham Alliance Exchanges Contracts to Sell Martineau Place



The Birmingham Alliance, a partnership between Land Securities Group PLC ('Land
Securities'), Hammerson plc ('Hammerson') and Henderson Global Investors Ltd ('
Henderson'), has exchanged contracts for the sale of its leasehold interest in
Martineau Place, Birmingham, to a private company to raise sale proceeds of £93
million net of costs.  It is anticipated that completion will take place in
early September 2004.



Under the terms of the transaction, The Birmingham Alliance may be required over
the next three years to make additional payments to the purchaser, dependent on
the level of rents receivable.  The estimated cost is approximately £400,000,
with the total amount payable capped at £1.8 million.



Martineau Place, which includes 16,300 sq m (175,400 sq ft) of retail and 6,800
sq m (73,200 sq ft) of offices, was developed by The Birmingham Alliance and
opened in 2001. As at 30 June 2004, the scheme had annual passing rents of £6.3
million.



Commenting on behalf of The Birmingham Alliance, Lawrence Hutchings, Senior
Portfolio Manager at Henderson said:



'We are pleased with the sale of Martineau Place, which focuses our investment
in Birmingham on the successful Bullring scheme and on Martineau Galleries,
where we see the potential for further growth.'



The Birmingham Alliance was advised by DTZ and Franco Warwick.



Ends


For further information please contact:


Land Securities Group PLC                                     Tel: [phone]

Emma Denne

Director of Corporate Communication

Hammerson plc                                                 Tel: [phone]

Olivia Hall                                                [e-mail]

Corporate Communications Manager

Henderson Global Investors Ltd                                Tel: [phone]

Henderson Press Office                                 [e-mail]


Land Securities


Land Securities is a FTSE 100 company, quoted on the London Stock Exchange.  Its
market capitalisation is £5.5 billion (June 2004).  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 invests in four sectors of the commercial property market:
Central London offices, shopping centres and shops, out of town retail parks
across the UK and south-east industrial properties.  The Group's £8 billion
investment portfolio includes16 shopping centres across the UK, from Almondvale
Centre, Livingston to Gunwharf Quays in Portsmouth, 23 retail parks and over
735,000 sq m of office space in Central London.



Land Securities has a substantial development programme with over 20 development
projects either underway or being planned.  Projects include regeneration
schemes in historic British cities, three major retail-led urban regeneration
schemes and eight Central London developments. The Group is also masterplanning
one of Europe's largest regeneration schemes in Kent Thameside and has over
32,000 sq m of retail and industrial warehousing currently under development.



The Group is committed to environmental initiatives and community involvement.
This has been recognised by the Group's inclusion in the BiTC Corporate
Responsibilty Index, FTSE4Good Index and the Dow Jones Sustainability Index.
Its environmental performance has been recognised by the award of three Green
Apple Environment Awards and receiving ISO14001 accreditation for its work with
the DWP.



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