European Sale and Leaseback Agreement with Antalis

9th November 2006

  SLOUGH ESTATES PLC SIGNS EUR103M EUROPEAN SALE AND LEASEBACK 
                        AGREEMENT WITH ANTALIS                                    

Slough Estates International ("SEI") and Antalis have concluded an agreement
under which SEI will acquire a portfolio of logistics and light industrial
properties, in a sale and leaseback arrangement. Antalis is the largest
European distributor of communications support products (including packaging,
paper, print & office materials)

The portfolio is concentrated around major cities in eight European countries
including France (Lyon, Isle de France in Paris), Belgium (Brussels), Italy
(Bologna, Parma) Spain (Madrid, Valencia), Germany (Berlin, Leipzig) and also
in Switzerland, Portugal and Finland - amounting to 177,120m2 and 41.4 hectares
of land. SEI is paying EUR103.2m for the properties. The transaction represents
a post acquisition costs yield of 7.23 per cent.

Forty five percent of the portfolio is in Italy and Spain, which are major new
strategic territories for SEI in Continental Europe. Almost forty per cent of
the portfolio is in Belgium, Germany and France, where SEI is already well
established.

The core properties are in Slough's strategic growth markets. The buildings are
a mixture of old and new properties in good locations, providing excellent
future development potential underpinned by an income stream. Antalis is
committed to the properties it occupies for an average of approximately 7.5
years.

SEI and Antalis have also signed a partnership agreement, covering both the
extension of existing properties and the potential development of new
properties. This partnership agreement will also provide potential synergies in
markets other than those covered by the deal being announced today - it covers
the UK as well as Continental Europe. 

Walter Hens, SEI Managing Director Continental Europe, said:

"This is an excellent opportunity to acquire realistically priced real estate,
providing a strong combination of income with medium-to-long-term investment
potential. We are also particularly pleased to be working with Antalis as a
partner going forward."

Ian Coull, Chief Executive of Slough Estates plc, said:

"This agreement further reinforces our strategy of developing our continental
European portfolio and in particular gives us an entry into the strategically
important markets of Italy and Spain. It has also been our aim to establish
corporate partnering with a major international company and we look forward to
working with Antalis in the future."

                                    -ends-                                     

For further information please contact:

Slough Estates plc                      Maitland                               
Michael Waring                          Colin Browne                           
Tel: [phone]                       Tel: [phone]                     

Notes to editors

Slough Estates International

Slough Estates is the leading European provider of flexible business space and
owns business parks in Europe and North America, with four million square
metres of business space and over 1600 customers (as at 31 December 2005).
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,
Amsterdam, 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

Antalis

Antalis is the largest European group in the distribution of communications
support materials (Packaging, paper Print & Office, Visual Communication and
Promotional Products). Ranking number 4 worldwide with a turnover of 2.3
billion Euros, Antalis employs 6,500 people to serve the needs of over 180,000
clients in 37 countries.