Re: Recommended Offer

Land Securities Group Plc
18 May 2005

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, JAPAN
OR THE UNITED STATES



18 May 2005



Land Securities Group PLC ('Land Securities' / 'the Group')



Recommended cash offers for Tops Estates PLC by Citigroup Global Markets Limited
on behalf of Land Securities Group PLC



Posting of Offer Document



The board of Land Securities Group PLC ('Land Securities') is pleased to
announce that the Offer Document in respect of the recommended cash Offers for
Tops Estates PLC ('Tops Estates') by Citigroup on behalf of Land Securities,
which were announced on 6 May 2005, has been posted to Tops Estates Shareholders
and CULS holders today, together with the Form(s) of Acceptance.



Form(s) of Acceptance should be completed, signed and returned in accordance
with the instructions set out in the Offer Document and in the Form(s) of
Acceptance, so as to be received as soon as possible and, in any event, not
later than 1.00 p.m. (London time) on 8 June 2005. If Tops Estates Shares and
CULS are held in CREST, acceptance should be made electronically so that the TTE
instruction settles as soon as possible and, in any event, not later than 1.00
p.m (London time) on 8 June 2005.



Copies of the Offer Document and the Forms of Acceptance are available for
collection (during normal business hours) from Lloyds TSB Registrars at The
Causeway, Worthing, West Sussex, BN99 6DA.



The first closing date of the Offers is 8 June 2005.



Terms defined in the Offer Document have the same meanings in this announcement.



Enquiries:



Citigroup Global Markets Limited (Financial Adviser to Land Securities)

David Wormsley

Tel: [phone]

Ian Hart

Tel: [phone]

Nicholas Tinworth

Tel: [phone]



Financial Dynamics (Public Relations Adviser to Land Securities)

Stephanie Highett

Tel: [phone]

Dido Laurimore

Tel: [phone]









The Offers are not being made, directly or indirectly, in or into Australia,
Canada, Japan or the United States. Accordingly, copies of this announcement are
not being, and must not be, mailed or otherwise distributed or sent in or into
Australia, Canada, Japan or the United States. The availability of the Offers
(including the Loan Note Alternative) to Tops Estates Shareholders and CULS
holders who are not resident in the United Kingdom may be affected by the laws
of relevant jurisdictions. Tops Estates Shareholders and CULS holders who are
not resident in the United Kingdom should inform themselves about and observe
any applicable requirements. Further details in relation to Overseas
Shareholders and Overseas CULS Holders are contained in the Offer Document.



Citigroup, which is authorised and regulated by the Financial Services Authority
in the United Kingdom, is acting as financial adviser to Land Securities and the
Offeror and no one else in connection with the Offers and will not be
responsible to anyone other than Land Securities and the Offeror for providing
the protections afforded to clients of Citigroup, nor for providing advice in
relation to the Offers.



This announcement does not constitute an offer to sell or the solicitation of an
offer to purchase or subscribe for securities.



                                    - Ends-





Note to Editors



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

•         Central London offices and

•         Property outsourcing.



At the last year-end, 31 March 2005, the Group's Combined Portfolio was valued
at £9.4 billion and included more than 1 million 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 21 shopping centres and 25
retail parks located across the UK.






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