Re Convertible Bonds due 2008

Land Securities PLC
22 May 2002



22 May 2002





Land Securities PLC 7 per cent. Convertible Bonds ('the Bonds') due 2008



Redemption Notice



Land Securities PLC (the 'Issuer') announces that notice is being given to
holders of the Bonds (the 'Bondholders') informing them that all of the Bonds
remaining outstanding will be redeemed at 100 per cent. of the original Issue
Price, together with accrued interest, on 27 June 2002.  A Redemption Notice,
giving details of the process for redemption of the Bonds, is being published in
tomorrow's Financial Times.



Bondholders will remain entitled to exercise their rights to convert the Bonds
held by them into Ordinary Shares of the Issuer, at the Conversion Price of 640p
per Ordinary Share, at any time up to the close of business on 20 June 2002 in
accordance with the Conditions of the Bonds and the Articles of Association of
the Issuer.



Conversion rights may be exercised by Bondholders delivering the relevant Bonds
accompanied by a duly completed and signed conversion notice to the specified
office of, in the case of Bonds in bearer form ('Bearer Bonds') the Paying and
Conversion Agents together with all unmatured Coupons and, in the case of Bonds
in registered form ('Registered Bonds'), the Registrar, during their usual
business hours.  Further information on the procedure for conversion may be
obtained from (a) for Bearer Bond holders: JP Morgan Chase Bank, Crosby Court,
38 Bishopsgate, London, EC2N 4AJ (attn: John Patten, tel: [phone]) and (b)
for Registered Bond holders: JP Morgan Chase Registrars, Bourne House, 34
Beckenham Road, Beckenham, Kent, BR3 4TU (attn: Dave Chadwick, tel: [phone]
2120)



Following conversions £31,221,000 nominal of the Bonds remained outstanding as
at 21 May 2002.  As an alternative to conversion, Bondholders should be aware
that Cazenove & Co. Ltd may be in a position to continue to respond to offers of
the remaining Bonds for repurchase and cancellation by Land Securities PLC.



                                     -Ends-



For further information please contact



Land Securities PLC

Andrew Macfarlane

Peter Dudgeon

020 7413 9000



Cazenove & Co. Ltd

Roger Clough

Francis Burkitt

020 7588 2828







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