Re Bond Issue

Land Securities Group Plc
03 November 2004

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





3 November 2004





LAND SECURITIES GROUP PLC



LAND SECURITIES PLC - Settlement of Offer to Holders of Existing Notes



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.



1.         Further to the notice of redemption of each Series of Existing Notes
given by Land Securities PLC via RNS on 1 November 2004, Land Securities PLC
hereby announces that all conditions to the redemption of the Existing Notes
were satisfied on or before 3 November 2004 and, accordingly, all of the
Existing Notes are being redeemed today.



Existing Noteholders holding Bearer Bonds who did not accept the relevant Offer
prior to the Expiration Date should make arrangements for their Existing Notes,
together with any unmatured Coupons, to be presented for payment at the
specified office of the Existing Principal Paying Agent or at its address set
out below or at the office of any one of the Existing Paying Agents for the
relevant Series of Bearer Bonds, as set out below:


Existing Principal Paying Agent               JP Morgan Chase Bank, London Branch,
                                              Crosby Court
                                              38 Bishopsgate
                                              London EC2N 4AJ


                                              Attn: Brian Treadway, Institutional Trust
                                              Services


Existing Paying Agents for                    ING Belgium S.A./N.V.
2007 Bonds                                    Marnixlaan/avenue Marnix 24
                                              1000 Brussels
                                              Belgium


                                              J.P. Morgan Bank Luxembourg S.A.
                                              5 Rue Plaetis
                                              L-2338 Luxembourg


Existing Paying Agent for 2013                J.P. Morgan Luxembourg S.A.
Bonds, 2020 Bonds and 2024                    5 Rue Plaetis
Bonds                                         L-2338 Luxembourg







Existing Noteholders who accepted the relevant Offer prior to the Expiration
Date or who hold Debenture Stock need not take any further action to receive
their Noteholder Consideration and Accrued Interest.



2.         The total nominal amount of Replacement Securities issued by Land
Securities Capital Markets PLC today is £2,298,288,000. The total nominal amount
of Replacement Securities is comprised of 7 Sub-Classes of Replacement
Securities as follows:



(i)

•        Class A1 Notes - 5.016 per cent Bonds due 2007: £181,700,000

•         Comprising:

     o        £173,597,000 bonds in bearer form (ISIN XS0204773930)

     o        £8,103,000 bonds in restricted, registered form (ISIN XS0204734874)



(ii)

•         Class A2 Notes - 5.292 per cent Bonds due 2015: £393,357,000

•         Comprising:

     o        £381,180,000 bonds in bearer form (ISIN XS0204776446)

     o        £12,177,000 bonds in restricted, registered form (ISIN XS0204734957)



(iii)

•         Class A3 Notes - 5.425 per cent Bonds due 2022: £257,268,000

•         Comprising:

     o        £245,923,000 bonds in bearer form (ISIN XS0204778145)

     o        £11,345,000 bonds in restricted, registered form (ISIN XS0204735178)



(iv)

•         Class A4 Notes - 5.391 per cent Bonds due 2026: £210,675,000

•         Comprising:

     o        £201,571,000 bonds in bearer form (ISIN XS0204778905)

     o        £9,104,000 bonds in restricted, registered form (ISIN XS0204735681)



(v)

•         Class A5 Notes - 5.391 per cent Bonds due 2027: £613,918,000

•         Comprising:

     o        £606,482,000 bonds in bearer form (ISIN XS0204779465)

     o        £1,397,000 bonds in restricted, registered form (ISIN XS0204736572)

     o       £6,039,000 bonds in registered, certificated form (ISIN XS0204780042)



(vi)

•         Class A6 Notes - 5.376 per cent Bonds due 2029: £317,960,000

•         Comprising:

     o        £316,914,000 bonds in bearer form (ISIN XS0204780125)

     o        £1,046,000 bonds in registered, certificated form (ISIN XS0204737117)



(vii)

•         Class A7 Notes - 5.396 per cent Bonds due 2032: £323,410,000

•         Comprising:

     o        £320,881,000 bonds in bearer form (ISIN XS0204780554)

     o        £2,529,000 bonds in registered, certificated form (ISIN XS0204737893)





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]






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