Statement re Property Swap

Slough Estates PLC
                  

LAND SECURITIES AND SLOUGH ESTATES COMPLETE PROPERTY SWAP

Land Securities Group PLC and Slough Estates plc today announce that, following
exchange of contracts on 15 November 2004, the swap of the majority of their
respective industrial and retail property portfolios has completed.

For further information:


Francis Salway/Emma Denne                   Ian Coull
Land Securities Group                       Slough Estates
020 7413 9000                               01753 537171

Jonathan Brill/Dido Laurimore               Andrew Best/Emily Bruning
Financial Dynamics                          Shared Value
020 7831 3113                               020 7321 5022 / 020 7321 5027


Notes to Editors

Land Securities

Land Securities is a FTSE 100 company, quoted on the London Stock Exchange. It
has been at the forefront of the UK's commercial property industry for 60 years.
Today, the Group maintains its market leading position as the UK's largest
quoted property company by providing commercial accommodation and property
services to a wide range of occupiers. The Group's objective is to create
attractive and sustainable returns for its shareholders through its activities,
which include property investment, development and property outsourcing.

Land Securities holds a market leading position in three areas of the UK
commercial property market:

--  Retail,

--  London offices and

--  Property outsourcing.

Its £8.9 billion investment portfolio includes more than 810,000 sq.m. of office
space in Central London and substantial retail holdings in Oxford Street,
Tottenham Court Road and Notting Hill Gate. In addition the Group owns 18
shopping centres and 25 retail parks located across the UK. It has a substantial
development programme with a number of development projects; these include
regeneration schemes in historical British cities, three major retail-led urban
regeneration schemes and eight Central London developments. The Group is also
masterplanning one of Europe's largest regeneration schemes in Kent Thameside.
The Group leads the market in property outsourcing where, through Land
Securities Trillium, it provides accommodation and property-related services to
the Department for Work and Pensions, the BBC, Norwich Union and through a joint
venture, Telereal, to BT.

Slough Estates

Slough Estates is a leading provider of flexible business space in business
parks in Western Europe and North America, with over 1700 customers occupying
2.9 million sq.m. of business space, with a total value of £3.6 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