Issue of Debt

Slough Estates PLC
09 December 2005


Slough Estates plc Completes Various Debt Re-financing and Extension
Initiatives.

Slough Estates announces that it has completed a series of initiatives
undertaken during 2005 to lengthen the Group's debt maturity profile and to
reduce its average cost of debt. All these initiatives replace existing
facilities and the funds raised are for general corporate purposes including the
funding of some specific projects as previously announced and as noted again
below. All of the funding transactions listed below have already been announced
to the market.

Following completion of these transactions, the Group's weighted average cost of
debt has fallen to circa 5.75% and the remaining weighted average life of debt
has increased to 13.25 years.

A £100 million fungible tap of the 5.75% 2035 bond was launched on 16th
November. This was priced at 99.897% at a spread of 152 basis points over the
benchmark UK Gilt. Net proceeds including accrued interest are approximately
£102 million. This has been signed today and is due to close on the 14th
December 2005. The proceeds will be utilised to reduce bank lines drawn to fund
bonds redeemed during the Debt Exchange Programme closed on 20th June 2005.

A new £250 million 5.625% 2020 bond was closed on the 7th December 2005. This
was priced at 99.186% at a spread of 133 basis points over the UK Gilt. Net
proceeds were approximately £246.7 million. Proceeds have been used to refinance
bank lines drawn to fund the purchases of the two holding entities owning
Heywood Distribution Park and Woodside, Dunstable completed in July 2005. Any
stabilisation of the 2020 bonds and the 2035 bonds is in accordance with FSA
rules.

A new 5 year US$550 million multi currency committed revolving credit facility
was signed on 28th November 2005. The Company has the option to extend the
original duration by one year on each of the first two anniversaries of the
signing date. This is to replace a bank line due to expire in June 2006 that was
used to fund the purchases of the Shoreline and Seaport business parks in San
Francisco and the land at Bressi Ranch in San Diego, completed in June 2005. The
initial undrawn amount on signing remains available for general corporate
purposes.

The existing 5 year EUR 150 million committed revolving credit facility signed
on 31st July 2002 was extended with the same syndicate of banks on 23rd
September 2005 to mature on 31st July 2010 at an immediately effective reduced
margin.

The existing 5 year £415 million multi currency committed revolving credit
facility signed on 16th December 2002 was extended with the same syndicate of
banks on 10th June 2005 to mature on 4th January 2011 at an immediately
effective reduced margin.

The above initiatives were in addition to the previously announced Debt Exchange
Programme closed on 20th June 2005 whereby £322 million of bonds with a weighted
average interest rate of 10.92% were exchanged into £100 million 5.75% 2035
bonds, £200 million 5.50% 2018 bonds and circa £150 million of bank line
drawings for an exchange cost of £126 million. These transactions will save the
Group over £10 million per annum in interest charges going forward.

Trevor Mant, Slough Estates' Group Treasurer, commented 'We have had a busy
year. However, I am pleased that the Group is now well positioned to go into
2006 with no impending debt maturities and without the legacy of the historical
high coupon debt that was previously on the balance sheet.'


Contact:

Trevor Mant
Group Treasurer - Slough Estates plc
Direct Tel: [phone]



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