Re Partnership

Land Securities Group Plc
02 December 2003


2 December 2003


LAND SECURITIES GROUP PLC ('Land Securities')

Land Securities TAKES FULL CONTROL OF GUNWHARF QUAYS PARTNERSHIP


Land Securities Group PLC ('Land Securities') announced today that is has taken
full control of the Gunwharf Quays limited partnership ('the partnership') from
The Berkeley Group Plc.

The partnership will pay The Berkeley Group approximately £170 million of which
£149 million has been paid to date.  The balance is to be paid in phases with
the final amount payable dependent on the turnover element of the rents
received.

The Gunwharf Quays development in Portsmouth includes 243,000 sq ft of designer
factory outlets, 130,000 sq ft of leisure, 117,000 sq ft of bars and
restaurants, 26,000 sq ft of offices and a 44,000 sq ft hotel.

The scheme is let to 91 top name retailers including Gap, Adidas, Levi Strauss,
Fat Face, Ted Baker, Gieves and Hawkes, and Marks & Spencer.  The leisure
includes an 11 screen Warner Village Cinema, a 26 lane bowling complex operated
by Bowlplex and a casino operated by Grosvenor.

Land Securities and the Berkeley Group will continue to work closely on the
remaining planned development phases.

Commenting on the transaction, Richard Akers, Head of Retail Portfolio
Management, Land Securities, said 'Gunwharf Quays has been a key performer in
our retail portfolio and we were therefore very interested in taking control of
the partnership when the opportunity arose.  We believe that Gunwharf Quays
benefits from strong retailer demand, a secure income stream and considerable
growth potential.'

Land Securities was advised by Nabarro Nathanson, The Berkeley Group Plc was
advised by Ashurst Morris Crisp.


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For further information, please contact:


Emma Denne/Richard Akers                              Stephanie Highett
Land Securities                                       Financial Dynamics
Tel: [phone]                              Tel: [phone]


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