Re. Property Swap

Land Securities Group Plc
16 December 2004



16 December 2004


LAND SECURITIES GROUP PLC


LAND SECURITIES AND SLOUGH ESTATES COMPLETE PROPERTY SWAP


Land Securities Group PLC and Slough Estates plc today announce that, following
exchange of contracts on 15 November 2004, the swap of the majority of their
respective industrial and retail property portfolios has completed.



For further information:



Francis Salway/Emma Denne
Land Securities Group
020 7413 9000



Ian Coull
Slough Estates
01753 537171



Jonathon Brill/Dido Laurimore
Financial Dynamics
020 7831 3113



Andrew Best/Emily Bruning
Shared Value
020 7321 5022 / 020 7321 5027




Notes to Editors



Land Securities



Land Securities is a FTSE 100 company, quoted on the London Stock Exchange.  It
has been at the forefront of the UK's commercial property industry for 60 years.
Today, the Group maintains its market leading position as the UK's largest
quoted property company by providing commercial accommodation and property
services to a wide range of occupiers.  The Group's objective is to create
attractive and sustainable returns for its shareholders through its activities,
which include property investment, development and property outsourcing.



Land Securities holds a market leading position in three areas of the UK
commercial property market:


•         Retail,
•         London offices and
•         Property outsourcing.


Its £8.9 billion investment portfolio includes more than 810,000 sq.m. of office
space in Central London and substantial retail holdings in Oxford Street,
Tottenham Court Road and Notting Hill Gate.  In addition the Group owns 18
shopping centres and 25 retail parks located across the UK.  It has a
substantial development programme with a number of development projects; these
include regeneration schemes in historical British cities, three major
retail-led urban regeneration schemes and eight Central London developments.
The Group is also masterplanning one of Europe's largest regeneration schemes in
Kent Thameside. The Group leads the market in property outsourcing where,
through Land Securities Trillium, it provides accommodation and property-related
services to the Department for Work and Pensions, the BBC, Norwich Union and
through a joint venture, Telereal, to BT.



Slough Estates



Slough Estates is a leading provider of flexible business space in business
parks in Western Europe and North America, with over 1700 customers occupying
2.9 million sq.m. of business space, with a total value of £3.6 billion.  Slough
Estates' properties are in suburban locations in close proximity to the main
business centres, where there is long term demand for business accommodation to
serve these key economic regions.  The company's main activities are currently
based around London, Brussels, Paris, Dusseldorf, San Francisco and San Diego
and the company continues to develop new business parks with the long term
objective of building shareholder value and enhancing its reputation for quality
buildings offering excellent value to customers.



www.sloughestates.com



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