Statement re Cardiff

Land Securities PLC
17 September 2001

17 September 2001


                   LAND SECURITIES PLC ('Land Securities')

                                   CARDIFF

Land Securities announces that it will be working over the next few months
with Cardiff County Council and Capital Shopping Centres PLC, a wholly owned
subsidiary of Liberty International PLC, to explore retail development
opportunities in the centre of Cardiff.


Attached below is an explanatory announcement by Cardiff City Council.

                                    -Ends-



For further information, please contact:-

Mike Griffiths/Emma Denne
Land Securities
Tel: [phone]

Stephanie Highett/Dido Laurimore
Financial Dynamics
Tel: [phone]

Text of announcement by Cardiff City Council

Cardiff Council has lent its support to Land Securities PLC ('Land Securities
') and Capital Shopping Centres PLC ('Capital Shopping Centres') to take first
steps towards extending the retail heart of Cardiff city centre which will
enhance further Cardiff's position as Europe's youngest capital.


The development will strengthen Cardiff's attraction as a major shopping
centre and its international reputation as a tourist and leisure destination.
The objective will be to maximise Cardiff's many commercial, cultural and
civic amenities thereby helping it to realise its potential as a leading
European capital city.



Land Securities and Capital Shopping Centres, which between them own and
manage much of the existing shopping amenities in the St David's Centre and
The Hayes, have agreed in principle to form a Partnership to deliver the
project, which will comprise some 750,000 sq ft of retail-led mixed-use urban
regeneration.



In addition to new shopping, leisure and residential facilities, the proposals
will also provide a mix of lively and vibrant squares together with tree-lined
boulevards and a dramatic Grand Arcade for shoppers, visitors and the citizens
of Cardiff to experience and enjoy.



The Council Cabinet is recommending that a Memorandum of Understanding is
agreed with the development partnership, which will allow them to progress
their proposals over the next nine months.  This will include a period of
consultation to review land usage and current leases with other leaseholders
in the area.



The Partnership will then report back to the Council in detail and seek
approval to proceed as the preferred developer with a view to starting work on
site within three years.



As part of the Partnership arrangements, the developers will work closely with
the Council to actively manage the process of change so as to minimise impact
and disruption to existing traders, car parking and public access.  This will
include provision for a minimum number of car parking spaces being available
during each phase of the project.


For further information contact:-

Michael Thomas on [phone]
email: [e-mail]

Peter Cleary/Emma Denne
Land Securities PLC
020 7413 9000
email: [e-mail]


John Abel
Capital Shopping Centres PLC
020 7887 7057
email: [e-mail]





Notes to editors:



Land Securities is one of Britain's leading real estate companies with fixed
assets of  £8.3 billion and a £2 billion development programme.  The company
has a diversified portfolio comprising four core areas of investment - central
London offices and shops, shopping centres, retail warehouses, and industrial
and warehousing premises in the South East.  The company is progressing a
substantial retail led urban regeneration programme in major cities throughout
the UK including York, Canterbury, Exeter and Birmingham, where it is one of
the three partners in the Birmingham Alliance.



Land Securities is also one of the UK's leading provider of total property
services. Through Land Securities Trillium, it combines capital, estate and
facilities management expertise in an outsourcing package that has
revolutionised the provision of serviced accommodation.

Capital Shopping Centres is the leading company in the United Kingdom
specialising in the ownership, management and development of regional shopping
centres.  The company has a portfolio of ten high quality shopping centres,
totalling some 8 million square feet, seven of which are in town centres
including major schemes in Newcastle, Nottingham and Watford.

CSC has over 30 years experience of working in partnership with local
authorities and other partners.  Current projects include partnership schemes
for major retail led mixed used town centre projects in Oxford and Liverpool.

Capital Shopping Centres is a wholly owned subsidiary of Liberty International
PLC, a listed property company with assets of some £4 billion.