Re Bond Issue

Land Securities Group Plc
26 October 2004


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE
UNITED STATES


26 October 2004


LAND SECURITIES GROUP PLC

LAND SECURITIES PLC - OFFER TO HOLDERS OF EXISTING NOTES: PRICING RESULTS


This announcement is made in respect of the Proposals set out in the Prospectus,
Offer and Consent Solicitation Document dated 27 September 2004 (the 'Offer
Document').  Terms and expressions defined in the Offer Document have the same
meaning in this announcement.

Land Securities PLC hereby announces the calculation of the respective
Repurchase Prices and Accrued Interest for each series of Existing Notes and
also announces the calculation of the coupon and First Note Payment Dates
applicable to the corresponding Replacement Securities.  The calculation assumes
settlement on 3 November 2004.  If the Settlement Date is a date other than 3
November 2004, the calculation of the Accrued Interest will be adjusted
accordingly and the Repurchase Prices will be adjusted in accordance with the
formulae to determine the Repurchase Price of the Existing Notes set out in
Annex F of the Offer Document to reflect the actual Settlement Date.

Pricing Results:

1.  £200,000,000 9.5 per cent. Bonds due 2007 (ISIN: GB0005044507)
  • Repurchase Price = £1,100.14 per £1,000.00 Nominal Amount
  • Accrued Interest  =  £48.56 per £1,000.00 Nominal Amount
  • Coupon of Class A1 Notes = 5.016%
  • First Note Payment Date of Class A1 Notes: 29 April 2005

2.  £400,000,000 5.875 per cent. Bonds due 2013 (ISIN: XS0163503039)
  • Repurchase Price = £1,024.25 per £1,000.00 Nominal Amount
  • Accrued Interest  =  £54.74 per £1,000.00 Nominal Amount
  • Coupon of Class A2 Notes = 5.292%
  • First Note Payment Date of Class A2 Notes: 28 November 2004

3.  £200,000,000 9 per cent. Bonds due 2020 (ISIN: XS0057402744)
  • Repurchase Price =  £1,334.71 per £1,000.00 Nominal Amount
  • Accrued Interest  =  £8.25 per £1,000.00 Nominal Amount
  • Coupon of Class A3 Notes = 5.425%
  • First Note Payment Date of Class A3 Notes: 31 March 2005

4.  £200,000,000 6.375 per cent. Bonds due 2024 (ISIN: XS0163504516)
  • Repurchase Price = £1,071.23 per £1,000.00 Nominal Amount
  • Accrued Interest  = £43.55 per £1,000.00 Nominal Amount
  • Coupon of Class A4 Notes = 5.391%
  • First Note Payment Date of Class A4 Notes: 27 February 2005

5.  £400,000,000 10 per cent. First Mortgage Debenture Stock 2025 (ISIN:
    GB0005049118)
  • Repurchase Price = £1,554.24 per £1,000.00 Nominal Amount
  • Accrued Interest  = £9.34 per £1,000.00 Nominal Amount
  • Coupon of Class A5 Notes = 5.391%
  • First Note Payment Date of Class A5 Notes: 31 March 2005

6.  £200,000,000 10 per cent. First Mortgage Debenture Stock 2027 (ISIN:
    GB0005044945)
  • Repurchase Price = £1,591.89 per £1,000.00 Nominal Amount
  • Accrued Interest  = £9.34 per £1,000.00 Nominal Amount
  • Coupon of Class A6 Notes = 5.376%
  • First Note Payment Date of Class A6 Notes: 30 March 2005

7.  £200,000,000 10 per cent. First Mortgage Debenture Stock 2030 (ISIN:
    GB0005042782)
  • Repurchase Price = £1,622.34 per £1,000.00 Nominal Amount
  • Accrued Interest  = £25.82 per £1,000.00 Nominal Amount
  • Coupon of Class A7 Notes = 5.396%
  • First Note Payment Date of Class A7 Notes: 31 January 2005


Important Notice

No offer or invitation to acquire or exchange any securities or proposals to
Existing Noteholders is being made pursuant to this press release.  Any such
offer, invitation or proposals are only being made in the Offer Document and any
such acquisition or exchange or acceptance of such proposals should be made
solely on the basis of information contained in the Offer Document.  A copy of
the Offer Document is available at the offices of Citigroup Global Markets
Limited at Canada Square, Canary Wharf, London E14 5LB.

This press release is not an offer of securities for sale in the United States.
The new bonds to be issued under the new structure have not been and will not be
registered under the United States Securities Act of 1933, as amended (the
'Securities Act') and may not be offered or sold within the United States or to
or for the account or benefit of U.S. Persons (as defined in Regulation S under
the Securities Act ('Regulation S')), except pursuant to an exemption from, or
in a transaction not subject to, the registration requirements of the Securities
Act.  Accordingly, the new bonds will be offered and sold only (A) to Qualified
Institutional Buyers in reliance on the exemption from the registration
requirements of the Securities Act provided by Rule 144A under the Securities
Act and (B) outside the United States to non-U.S. Persons in compliance with
Regulation S.
                                    - End -


For further information, please contact:

Land Securities Group PLC                    Financial Dynamics
Andrew Macfarlane/Emma Denne                 Stephanie Highett/Dido Laurimore
Tel: [phone]                    Tel: [phone]



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