Re: Bond Issue

Land Securities Group Plc
01 November 2004

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE
UNITED STATES



1 November 2004



LAND SECURITIES GROUP PLC



LAND SECURITIES PLC - OFFER TO HOLDERS OF EXISTING NOTES: Confirmation of
Settlement Date and Notices of Redemption



This announcement is made in respect of the Proposals set out in the Prospectus,
Offer and Consent Solicitation Document dated 27 September 2004 (the 'Offer
Document'). Terms and expressions defined in the Offer Document have the same
meaning in this announcement.



1. Land Securities PLC hereby confirms that:

(a) the proposed Settlement Date in respect of each Series of Existing Notes

is 3 November 2004; and

(b) all of the conditions to each of the Extraordinary Resolutions have been
satisfied or waived by Land Securities PLC.



2. Land Securities PLC hereby notifies the Existing Noteholders that each of the
Supplemental Trust Deeds were entered into by the parties thereto on 29 October
2004 and, pursuant to the terms of the Supplemental Trust Deeds, Land Securities
PLC hereby gives notice to the Existing Noteholders that all of the Existing
Notes of each of the Series of Existing Notes listed below shall be redeemed on
3 November 2004 for an amount per £1,000 of nominal amount of Existing Notes
equal to the applicable Repurchase Price, together with Accrued Interest,
subject to and conditional on the conditions to such redemption set out in the
relevant Supplemental Trust Deeds.



The relevant Series of Existing Notes are:



•         £200,000,000 9.5 per cent. Bonds due 2007 (ISIN: GB0005044507)

•         £400,000,000 5.875 per cent. Bonds due 2013 (ISIN: XS0163503039)

•         £200,000,000 9 per cent. Bonds due 2020 (ISIN: XS0057402744)

•         £200,000,000 6.375 per cent. Bonds due 2024 (ISIN: XS0163504516)

•         £400,000,000 10 per cent. First Mortgage Debenture Stock 2025 (ISIN:
GB0005049118)

•         £200,000,000 10 per cent. First Mortgage Debenture Stock 2027 (ISIN:
GB0005044945)

•         £200,000,000 10 per cent. First Mortgage Debenture Stock 2030 (ISIN:
GB0005042782)



Important Notice



No offer or invitation to acquire or exchange any securities or proposals to
Existing Noteholders is being made pursuant to this press release.  Any such
offer, invitation or proposals are only being made in the Offer Document and any
such acquisition or exchange or acceptance of such proposals should be made
solely on the basis of information contained in the Offer Document.  A copy of
the Offer Document is available at the offices of Citigroup Global Markets
Limited at Canada Square, Canary Wharf, London E14 5LB.



This press release is not an offer of securities for sale in the United States.
The new bonds to be issued under the new structure have not been and will not be
registered under the United States Securities Act of 1933, as amended (the
'Securities Act') and may not be offered or sold within the United States or to
or for the account or benefit of U.S. Persons (as defined in Regulation S under
the Securities Act ('Regulation S')), except pursuant to an exemption from, or
in a transaction not subject to, the registration requirements of the Securities
Act.  Accordingly, the new bonds will be offered and sold only (A) to Qualified
Institutional Buyers in reliance on the exemption from the registration
requirements of the Securities Act provided by Rule 144A under the Securities
Act and (B) outside the United States to non-U.S. Persons in compliance with
Regulation S.



                                    - End -



For further information, please contact:



Land Securities Group PLC

Andrew Macfarlane/Emma Denne

Tel: [phone]



Financial Dynamics

Stephanie Highett/Dido Laurimore

Tel: [phone]


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