Acquisition

Slough Estates PLC
                  

28th June 2005

Slough Estates plc enters the Dutch market

Slough Estates plc, a leading provider of flexible business space, today
announces that it has acquired a majority shareholding in Mainland BV, a
property developer based in the Randstad region of Holland.

This marks Slough's entry into the Dutch market and is an important step in the
implementation of Slough's strategy to increase activities in Continental
Europe. Like Slough, Mainland specialise in the provision of flexible business
space for corporate occupiers. Recent clients include Nikon, KLM, Unisys,
Microsoft and UPC.

Mainland is currently part of the Kuiper Group and Slough Estates will initially
purchase 60% of Mainland from the shareholder, Jelle Kuiper. Slough will be
acquiring not only an established and experienced team but also an existing
pipeline of opportunities which will allow the development of 130,000 m(2) of
office and industrial accommodation. The Mainland team comprises seven people
led by Managing Director, Frans Sodekamp.

Commenting on the transaction, Walter Hens, Slough Estates' European Managing
Director commented 'This is an ideal way of entering the Dutch market. Mainland
is a specialist developer in Slough's core business areas of suburban office and
industrial. Their clients are remarkably similar to our own in Continental
Europe and in the UK. We believe that the strong fit between the two companies
will allow us to benefit from our mutual client base'.

Jelle Kuiper, Chairman of the Kuiper Group, commented 'I believe that the
international experience and financial strength of Slough Estates will enable
Mainland to flourish once the occupational markets improve. We can look forward
to a very profitable future together'.

Slough and Mainland's first collaboration together will be in providing
Corendon, the Dutch travel and airline company, with a new 1500 m2 facility at
Lijnden Business Park, just to the north of Schiphol Airport.

Slough Estates is a leading provider of flexible business space in business
parks in Western Europe and North America, with over 1500 customers occupying
2,996,967 square metres of business space, with a total value of £3.9 billion.
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, Düsseldorf, 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

Mainland BV is part of the Kuiper Group and specialises in the development of
offices and industrial accommodation in the Randstad region of Holland. Based in
Hoofdorp, close to Schiphol airport, Mainland currently has a development
pipeline incorporating six sites located around Schiphol and elsewhere in the
Randstad.

www.mainlanddevelopment.com


For further information contact:
Slough Estates                          Mainland                      Shared Value Limited
Simon Hollins                           Frans Sodekamp                Andrew Best / Emily Bruning
Tel: + 44 (0)1753 537171                Tel: + 31 23 55 44 020        Tel: [phone] / 5027