Final Results - Year Ended 31 Dec 1999, Part 1

Slough Estates PLC
22 March 2000

Part 1

                          SLOUGH ESTATES plc
                                   
                          PRELIMINARY RESULTS
                                   
                 FOR THE YEAR ENDED 31st DECEMBER 1999


Results                                                             Percentage
                                                                     Changes
                                                                         
Net assets per share                           476p  (1998 : 402p)      +18.4%
Diluted net assets per share                   452p  (1998 : 387p)      +16.8%
                                                                              
Profit before tax                           £128.0m  (1998 : £101.1m)   +26.6%
                                                           
Adjusted profit before tax*                 £115.8m  (1998 : £103.2m)   +12.2%
                                                                      
Earnings per share                            24.6p  (1998 : 17.5p)     +40.6%
                                                           
Adjusted earnings per share*                  21.7p  (1998 : 18.0p)     +20.6%
                                                                       
Recommended final dividend                     6.8p  (1998 : 6.275p)    +8.4%
                                                           
Total dividend for year                       11.2p  (1998 : 10.4p)     +7.7%
                                                            

* adjusted to exclude investment property disposals

Sir Nigel Mobbs, Chairman, said.

'The Group's successes in 1999 contributed to a 40.6 per cent increase
in earnings per share and a 16.8 per cent improvement in diluted net
assets per share.  Income from core property investment activities net
of management and interest costs increased by 23.7 per cent to £103.7
million.'

Summary

Results
Slough Estates, Britain's largest industrial property company,
announced today a 26.6 per cent increase in pre-tax profits to £128.0
million and a 40.6 per cent increase in earnings per share to 24.6p.
Adjusted to exclude profits on the sale of investment properties, pre-
tax profits increased 12.2 per cent and earnings per share 20.6 per
cent.

Dividends
A final dividend of 6.8p is recommended, which would represent a total
dividend for the year of 11.2p per share, an increase of 7.7per cent.

Valuation
The Group's investment property portfolio valuation at 31st December
1999 amounted to £2,935 million after a £228 million or 8.4 per cent
revaluation surplus.  Joint venture properties produced a valuation
surplus of £31.3 million.   Net assets per share increased by 18.4 per
cent (16.8 per cent diluted).

Significant achievements
The main achievements of a very active year have been:

Significant achievements
The main achievements of a very active year have been:

*  construction completions of 333,600 sq.m. (3.6 million sq.ft.) of
   business space with a further 188,600 sq.m. (2.0 million sq.ft.) in
   progress.
   
*  the integration of the 607,000 sq.m. Bilton portfolio into the Group
   and sale of 247,000 sq.m. of its non-conforming properties.
   
*  the purchase of the 73 hectare former Royal Aircraft Establishment
   site at Farnborough and submission of an outline planning
   application for the Farnborough Business Park master plan.
   
*  the agreement with Agouron, a Warner Lambert research subsidiary, to
   build a 30,600 sq.m. office and laboratory campus at the Group's
   Torrey Pines Science Center, San Diego.
   
*  the letting of 28,800 sq.m. of new office buildings to Cisco
   Systems, Deloitte & Touche, Regus and others at the Group's Pegasus
   Park, Brussels.
   
*  the opening in March 1999 of the 56,300 sq.m. Buchanan Galleries
   shopping centre in Glasgow.

The Group's development potential on land already owned has increased
to over 1.2 million sq.m. (12.6 million sq.ft.) which would cost some
£875 million to complete.

At the Annual General Meeting in May, shareholder approval will be
sought to allow the company to be able to buy up to 10 per cent of its
issued capital in the market for cash.  The Board has no present
intention to exercise the authority but it will then have the
flexibility should circumstances materially change.  The company has
ahead of it a substantial development programme which in the opinion of
the Board will add greatly to the long term future of the company.  The
Board believes it is in the company's interests to invest its resources
in this programme rather than purchasing shares which would produce
only marginal benefits.
Commenting on the future, Sir Nigel Mobbs, Chairman said:

'With continuing business confidence and low inflation in all the
markets in which we operate, the prospects for our business are sound.
As a result of our strategic asset acquisitions the Group has a
significant pipeline of potential development activity which we believe
will deliver good returns over the short and medium term.  The
management team is committed to servicing the needs of sophisticated
customers in a rapidly changing business environment.   Our local
knowledge, product mix and flexibility will ensure that we remain a
leading provider of modern business space.  We believe that the
prospects for the year ahead remain favourable.'

      
For further information contact:

Sir Nigel Mobbs                      Derek Wilson
Chairman                             Chief Executive
Tel: [phone]                    Tel: [phone]
                                     (On 22nd March only, after 2.00pm
                                     telephone [phone])
                                     
Dick Kingston, Finance Director      John Probert, Company Secretary
Tel: [phone]                    Tel: [phone]
(On 22nd March only, after 2.00pm
telephone [phone])

Slough Estates web site :            
www.sloughestates.com              

Issued by:                           
Andrew Best
Shared Value Limited
Tel: [phone]
email: [e-mail]

Abridged preliminary Group accounts for the year ended 31st
December 1999, together with prior year comparatives, are shown
below.  These are not statutory accounts and have been extracted
from the full statutory accounts for 1999, which will be delivered
to the Registrar of Companies in due course and on which the
auditors' report is unqualified.  The results for 1998 are an
abridged statement of the Group accounts for that year, which have
been delivered to the Registrar of Companies and on which the
auditors' report was unqualified.

                  GROUP PROFIT AND LOSS ACCOUNT
              For the year ended 31st December 1999

                                                         1999      1998
                                          Note             £m        £m
                                                                       
Turnover:                                                              
  Group                                     1           271.7     218.4
  Joint Ventures                            1            11.1       5.6
                                                     ========   =======
Operating income:                                                      
  Property investment                       1           182.6     141.4
  Property trading                          1             6.1       6.1
  Utilities                                 1           (3.7)       1.9
Other income                                              6.3      11.6
Administration expenses                                (12.5)    (13.5)
                                                      -------   -------
Operating profit                                        178.8     147.5
Share of operating profit/(loss) of                                    
joint ventures and associates
- property                                                9.6       5.8
- other                                                 (0.3)       1.7
                                                          9.3       7.5
Profit/(loss) on sale of investment                      12.2     (2.1)
properties
                                                      -------   -------
Profit before interest and taxation                     200.3     152.9
Interest (net)                              2          (72.3)    (51.8)
                                                      -------   -------
Profit on ordinary activities before                    128.0     101.1
taxation
Taxation                                    3          (14.6)    (19.8)
                                                      -------   -------
Profit on ordinary activities after                     113.4      81.3
taxation
Minority interests - equity                             (1.0)     (0.5)
Preference dividends                                   (11.6)    (11.6)
                                                      -------   -------
Profit attributable to ordinary                         100.8      69.2
shareholders
Ordinary dividends                                     (46.2)    (42.1)
                                                      -------   -------
Retained profit                                          54.6      27.1
                                                     ========   =======
Basic earnings per ordinary share                       24.6p     17.5p
Adjustment for profits and losses on                                   
sale of                                                (2.9p)      0.5p
investment properties net of tax and
minority
                                                      -------   -------
Adjusted basic earnings per ordinary                    21.7p     18.0p
share
                                                      -------   -------
Diluted earnings per ordinary share                     24.6p     17.5p
                                                                       
                                                                       
                                                                       
SUMMARISED BALANCE SHEET                                 1999      1998
                                                           £m        £m
Investment properties                       4          2935.4    2670.0
Trading properties                                       89.1      96.5
Joint Ventures :  share of gross assets                 220.1     176.3
               :  share of gross                       (41.7)    (35.3)
liabilities
                                                        178.4     141.0
Associates                                                3.3      10.0
Trading investments                                      34.1      48.8
Other assets                                            149.0     143.1
Cash and deposits                                        59.5      65.3
                                                      -------   -------
Total assets                                           3448.8    3174.7
Borrowings                                           (1149.4)  (1158.2)
Other liabilities                                     (177.4)   (217.2)
Minority interests                                     (15.1)     (4.9)
                                                      -------   -------
Shareholders' funds                                    2106.9    1794.4
                                                     ========   =======
Net assets per ordinary share - basic                    476p      402p
                              - diluted                  452p      387p
                                                                       
                                                                       
SUMMARISED STATEMENT OF TOTAL                            1999      1998
RECOGNISED GAINS