Disposal Completed

SLOUGH ESTATES PLC
4 August 1999


                               SLOUGH DISPOSAL                                

Slough Estates plc has completed the sale of an industrial portfolio to The
Industrial Property Investment Fund managed by Legal and General Property Ltd,
for £64.9 million. 

The portfolio comprises many multi let industrial estates located across the
south east of England and the Midlands and is predominantly made up of the
assets from Bilton plc which Slough took over in October of last year.

The portfolio totals 164,991 sm (1,775,967 sf) within 196 units and 144
tenants and produces an income of approximately £6,285,000 per annum.

Derek Wilson, Chief Executive of Slough Estates commented:

'The sale of the industrial portfolio to The Industrial Property Investment
Fund completes the disposal programme put in place following the Bilton plc
take over.

The target of producing proceeds of £100m from assets identified as non core
has been achieved within the stated timescale at prices in excess of book
value.

Slough will continue to concentrate on the considerable development potential
and asset enhancement opportunities from the properties retained within the
former Bilton portfolio.'

King Sturge & Co and Nabarro Nathanson acted for Slough Estates plc and Jones
Lang LaSalle for the Industrial Property Investment Fund.

For further information contact:

Sir Nigel Mobbs
Slough Estates plc                                  Tel: [phone]

Andrew Best / Ben Atwell
Shandwick                                           Tel: [phone]

Slough Estates' Website                             www.sloughestates.com