Re: One New Change

Land Securities Group Plc
06 February 2007

6 February 2007

LAND SECURITIES GROUP PLC ('Land Securities')



Land Securities and Beacon Capital Partners call a halt to One New Change joint
venture



Land Securities and Beacon Capital Partners have called a halt to their joint
venture agreement to take forward the development of the 560,000 sq ft (52,024
sq m) retail and office development, One New Change, in London EC4.



The Boston-based real estate investment firm had been selected as Land
Securities' joint venture partner on the landmark project in October 2006.  One
New Change was to have been Beacon Capital Partners' first significant London
property development within its new fund.



Since then, the partners have been unable to conclude an agreement regarding
risk sharing.



Mike Hussey, Land Securities' London Portfolio Managing Director said: 'We have
every confidence in the scheme, are encouraged by leasing enquiries, and are
likely to undertake the development by ourselves.'



Paul Parkinson, Senior Managing Director of Beacon Capital Partners, said: '
Unfortunately Beacon Capital Partners can no longer continue its involvement in
One New Change. It is a challenging scheme with many unique attributes and we
are disappointed not to be part of its development.  We have established a good
relationship with Land Securities and will continue to review future
opportunities with them as appropriate.'



For further info, please contact:
Land Securities Group PLC                                Financial Dynamics
Mike Hussey / Emma Denne                                 Stephanie Highett
T [phone]                                    T [phone]








Notes to Editors



Land Securities Group PLC - London Portfolio

Land Securities is the UK's leading real estate investment trust. Half our
multi-billion pound portfolio is in London, where we own many landmark buildings
such as the Piccadilly Lights and Westminster City Hall and are developing some
of the capital's most innovative mixed-use schemes, such as Cardinal Place,
Victoria and New Street Square in mid-town. Land Securities' investment
portfolio also includes around 60 retail parks and shopping centres such as the
Bullring in Birmingham. We are also one of the leading names in property
outsourcing, and through urban community development are involved in long-term,
large-scale regeneration projects in the south-east.



One New Change, London EC4

One New Change will be the City of London's first purpose built shopping centre.
Comprising 220,000 sq ft (20,440 sq m) of retail arranged over three levels, the
scheme will incorporate four 25,000 (2,320 sq m) anchor stores.  The development
will also provide 340,000 sq ft (31,590 sq m) of premier office accommodation
and will include an extensive rooftop public space with spectacular views across
St Paul's and the wider city. Designed by Jean Nouvel, the 560,000 sq ft (52,024
sq m) landmark scheme is expected to become a major visitor attraction and
shopping destination for the City of London.  The scheme has received a
resolution to grant planning consent and Land Securities has started the initial
phase of demolition.








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