Statement re Acquisition Portsmouth

Slough Estates PLC
                  

Slough Estates acquires a major development site in Portsmouth

Slough Estates Plc, a leading provider of flexible business space, today
announces that it has acquired the former Blueprint site in Portsmouth, one of
the largest industrial sites in the South East. The site, which has been
acquired from SecondSite Property Holdings, covers 32.3 acres and has
development potential for up to 530,000 sq. ft.

The development, to be known as Voyager Park, will be developed with a mix of
freehold, leasehold and purpose-built properties and will have a fully developed
value in excess of £40 million. Slough Estates is preparing planning
applications for the first two speculative phases of development, one freehold
and the other leasehold. The buildings will range in size from 2,500 sq. ft. to
30,000 sq. ft. This will leave land available for Design and Build projects of
up to 320,000 sq. ft., which will also be offered on both a freehold and a
leasehold basis.

Commenting on the acquisition, Mike Wilson, Slough Estates' Regional Director
for South London and Southern England, said: 'The Blueprint site, with its
outstanding transport links and central location, is an excellent addition to
Slough Estates' portfolio in Southern England. We already have extensive
knowledge of the local market through our holdings at Railway Triangle, Eastern
Road, Airport Service Road, Mitchell Way and the Portsmouth Motor Park.

'Slough Estates has worked very closely with SecondSite Property Holdings in the
remediation of the site prior to completion of the purchase. As a developer,
Slough Estates has considerable expertise in the regeneration of brownfield
sites. In the last 10 years, some 87% of the Company's new UK projects,
totalling over 4 million sq. ft. in floor area, were brownfield site
regenerations.'

Slough Estates has appointed Vail Williams and DTZ Tie Leung, who acted for
SecondSite Property Holdings in the sale, together with Young and Butt as its
agents for the new Voyager Park development.

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

For further information contact:


Slough Estates                                 Shared Value Limited
Mike Wilson                                    Andrew Best / Emily Bruning
Tel: [phone]                              Tel: [phone] / 5027