Re Sale of Properties to aAIM

Land Securities Group Plc
28 September 2004


PRESS RELEASE

28 September 2004

For immediate release


LAND SECURITIES GROUP PLC ('Land Securities' / 'Group')


Land Securities Trillium and Norwich Union agree sale of seven properties to
Active Asset Investment Management Limited ('aAIM') for £100.5 million


Land Securities announces that its property outsourcing business, Land
Securities Trillium has, together with client Norwich Union, agreed the sale of
a portfolio of seven properties to aAIM for £100.5 million.  At the outset of
the 25-year property outsourcing agreement, which commenced in June 2004, it was
agreed that the onward sale of these properties would achieve best value for
both Land Securities Trillium and Norwich Union.


Land Securities Trillium will continue to manage and maintain these buildings on
behalf of Norwich Union.  Norwich Union will occupy the properties for a lease
term, in most cases, of 25 years.  The purchaser will benefit from an index
linked (RPI) rental income with a covenant strength of AA-.


The properties are located in Norwich, Perth and York.  Norwich Union
Insurance's Norwich headquarters, where Land Securities Trillium is undertaking
a £92 million refurbishment project, is not included in the transaction.


Ian Ellis, Chief Executive of Land Securities Trillium, said, 'The sale of these
buildings demonstrates our commitment to delivering innovative solutions to our
clients'.


Stuart Smith, Director of Occupied Property Strategy of Norwich Union, said, 'We
are delighted to have successfully concluded this transaction which was a key
part of our property outsourcing deal and one which has delivered best value'.


Mark Tagliaferri, aAIM Chairman, commented, 'We are delighted to have worked
with Norwich Union and Land Securities Trillium on this innovative and complex
deal.  The portfolio consists of prime property let to an undoubted covenant on
long-term leases which meets all of our investment criteria'.


Land Securities Trillium and Norwich Union were advised by CB Richard Ellis and
aAIM was advised by DTZ.


                                     -End-

For further information, please contact:

Land Securities                                       Financial Dynamics
Ian Ellis/Emma Denne                                  Stephanie Highett
Tel: [phone]                                    Tel: [phone]

Norwich Union
David Ross
Tel: [phone] (m)
Tel: [phone] (w)

aAIM
Mark Tagliaferri/Mat Webb-Jenkins
Tel: [phone]


Notes to editors:


Land Securities Trillium

Land Securities Trillium, part of the Land Securities Group, is one of the UK's
leading providers of property outsourcing solutions.  Capital, estate strategy,
property management, facilities management and risk management services are
combined in a complete outsourcing package.  Land Securities Trillium currently
owns or manages over 8,400 properties throughout the UK.  Clients include the
Department for Work and Pensions, the BBC, BT and Norwich Union.



Land Securities Trillium announced on 14 June 2004 that it agreed a major new
deal with Norwich Union to manage and improve its core occupational estate.  The
25-year deal involves the transfer of 111,500 sq m of office accommodation with
an investment value in excess of £150 million and Land Securities Trillium
investing £92 million in the refurbishment of Norwich Union's 30,890 sq m
Norwich headquarters, which is to be carried out by Land Securities.  Land
Securities Trillium will receive an initial income of circa £20 million per
annum from the contract, which will increase over the next three years as the
Norwich project is completed.



Land Securities

Land Securities is a FTSE 100 company, quoted on the London Stock Exchange.  Its
market capitalisation is £5.6 billion (Sept 2004).  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:



•         Central London offices

•         Retail, including shopping centres and out of town retail parks across
          the UK and

•         Property outsourcing.


Its £8 billion investment portfolio includes more than 735,000 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 23
shopping centres and retail warehouse properties located across the UK.



It has a substantial development programme with over 20 development projects
either underway or being planned.  Projects 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.



The Group is committed to environmental initiatives and community involvement.
This has been recognised by the Group's inclusion in the BiTC Corporate
Responsibility Index, FTSE4Good Index and the Dow Jones Sustainability Index.
Its environmental performance has been recognised by the award of three Green
Apple Environment Awards and receiving ISO14001 accreditation for its work with
the DWP.



Norwich Union

Norwich Union is the UK's largest insurer.  With a focus on insurance for
individuals and small businesses, Norwich Union insures:

-           one in five households

-           one in seven motor vehicles

-           more than 800,000 businesses



Norwich Union products are available through a variety of distribution channels
including brokers, corporate partners such as banks and building societies and
Norwich Union Direct.



It is also the UK's largest provider of life, pensions and investment products
and one of the leading IFA providers.  IFAs provide around 75% of the company's
long-term savings business in the UK.



Norwich Union has strategic alliances with building societies and other leading
UK brand names including Tesco Personal Finance and The Royal Bank of Scotland
Group.



Norwich Union's news releases and a selection of images are available from
Aviva's internet press centre at www.aviva.com/media.  An ISDN facility is
available for studio quality broadcast.  Call the press office on 08703 66 68 68


aAIM

aAIM (Active Asset Investment Management Limited) is a specialist property
advisory and management company which acquires and manages property portfolios
on behalf of itself and retained clients and funds, which are targeted at high
net worth and sophisticated investors.  aAIM is a Private Limited Company and is
majority owned by its founders and executive management team.  aAIM has acquired
c.£500m of investment property in the last 12 months.  Details of aAIM's
management team and deal history are available on the company's web site at
www.aaim.com


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