Acquisition

Slough Estates PLC
24 April 2006



                        SLOUGH ESTATES MOVES INTO WALES
         ACQUIRES ONE MILLION SQ FT OF BUSINESS SPACE IN CARDIFF FOR £63M

Slough Estates International (SEI), a leading provider of flexible business
space, has completed the off-market purchase of the holding entity of the
Treforest Industrial Estate in Cardiff, Wales for £63 million. This is SEI's
first entry into the Welsh market and is in line with its strategy to acquire
large business parks in strategic locations with good revenue streams and strong
development potential.

SEI now owns six of the largest industrial estates in the UK including; the
Slough Trading Estate, Heywood Distribution Park in Manchester, Woodside in
Dunstable, Winnersh near Reading and Kings Norton, near Birmingham.

Treforest Estate comprises 130 acres with 9.6 acres of development land and is
located adjacent to the A470 Cardiff to Merthyr Tydfil dual carriageway just
north of Cardiff. It has been an established trading estate since 1936 and is 4
miles north of junction 32 on the M4. The estate currently leases space to 97
customers, including the BBC, GE, Honeywell, WHSmith, Barclays and Lloyds TSB.

With 1 million sq.ft. of business space and a rental income of £4.03 million,
the acquisition provides a solid foundation for growth in what is a strong
market with excellent prospects over the coming years.

Representing one of the biggest industrial investments in South Wales, the
holding entity of the Estate was acquired from Dunedin Property for £63 million.

The news was welcomed by Andrew Davies, Minister for Enterprise, Innovation and
Networks, who said the acquisition by SEI, one of Europe's leading players,
would bring new investment to Treforest Industrial Estate, provide long term
benefits and create new employment opportunities in Wales.

'SEI has strong environmental credentials, is committed to providing high
quality workspace and has a track record of delivering what their customers
need.

'This investment will create a high quality working environment and make
Treforest Industrial Estate a very attractive proposition for companies
considering locating to Wales as well as providing expansion opportunities for
companies in Wales.'

Ian Coull, Chief Executive of SEI commented: 'We are delighted to be entering
the Welsh market. Industrial development in Cardiff is moving from Cardiff Bay
to areas in the north of the City Centre and Treforest Estate is ideally placed
for business development. This purchase provides an excellent opportunity with
good quality properties, some high calibre clients and has the potential for
further development.'

Advisors on the deal were King Sturge for SEI and Holley Blake for Dunedin
Property.

                                     -ends-

For further information please contact:

Slough Estates plc                       Michael Waring
                                         Tel: [phone]

The Maitland Consultancy                 Colin Browne/Liz Morley
                                         Tel: [phone]


Notes to editors

Slough Estates is the leading European provider of flexible business space and
owns business parks in Europe and North America, with four million square metres
of business space and over 1600 customers (as at 31 December 2005). 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, Amsterdam, 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



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