Re Forward Sale

Land Securities Group Plc
14 May 2004



14 May 2004


LAND SECURITIES GROUP PLC ('Land Securities' / 'Group')


Land Securities sells Bankside building to IPC Media


Land Securities announces today that it has agreed the forward sale of Building
1, Bankside to IPC Magazine Group Ltd for the use of Time Warner's London based
magazine and book publishing operations.



The 46,350 sq m (499,000 sq ft) building is part of the 85,000 sq m (915,000 sq
ft) Bankside 123 mixed-use development scheme on London's South Bank.

Land Securities will lease back the 3,500 sq m (38,000 sq ft) retail and leisure
elements of the building.  IPC Magazine Group Ltd has an option to buy back this
element once it has been let by Land Securities.


Francis Salway, Chief Operating Officer of Land Securities, said: 'Land
Securities is delighted to be able to start this significant development
programme in Southwark by meeting the needs of IPC Media, a key local occupier,
in what is one of the largest occupational transactions across the Central
London market.'


Sylvia Auton, Chief Executive of IPC Media said: 'It's great that we'll be
working with Land Securities on this prestigious project. We're looking forward
to taking delivery of a first class office building which will provide a quality
working environment for IPC Media and our staff for years to come.'


Bovis Lend Lease has been contracted by Land Securities to build the property
which will be handed over to IPC Media for fit-out in Spring 2006.


Land Securities were advised by CBRE. FPD Savills represented IPC Media.

                                     -Ends-


For further information, please contact:


Emma Denne

Land Securities

Tel: [phone]



Stephanie Highett

Financial Dynamics

Tel: [phone]


Chris Taylor

IPC Media

Tel: [phone]


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