Aug 24, 2004
Land Securities Group PLC ("Land Securities") and Slough Estates plc ("Slough Estates") announce that they are in exclusive negotiations for a swap of the majority of their respective industrial and retail property portfolios. This potential exchange of assets follows on from Land Securities' recently announced decision that it wished to divest its industrial portfolio and Slough Estates' declared intention to focus primarily on business space.
Commenting, Francis Salway, Land Securities' Group Chief Executive, said: "We announced earlier in the year our intention to exit the industrial sector, which represents less than 5% of our portfolio, and concentrate on the sectors where we have market-leading positions.
"Given the quality of our industrial portfolio, together with our wish to acquire further retail properties, we sought a property swap as an efficient way to achieve this aim. We are delighted to have agreed this swap with Slough Estates and to have made such swift progress in our negotiations. The acquisition of Slough's shopping centres will reinforce the strength of our position in the retail market."
Ian Coull, Slough's Chief Executive, added: "We have excellent retail assets, but our retail portfolio is too small to give us meaningful sector diversification, and therefore it is attractive for us to exchange our shopping centres for core business space property.
"Land Securities' business space portfolio fits very well with our existing properties and represents a one-off opportunity to acquire a substantial industrial portfolio in the south east of England. The swap will further consolidate our position as the dominant player in UK business space."
For further information:
Ian Coull Slough Estates, 01753 537171
Andrew Best/Emily Bruning Shared Value, 020 7321 5022
Francis Salway/Melissa Winsor Land Securities Group, 020 7413 9000
Stephanie Highett Financial Dynamics, 020 7831 3113