Land Securities to issue £300 mln. bond (UK)

Land Securities announces the pricing of a Sterling denominated eurobond (the "Notes"), documented under the Land Securities Capital Markets PLC Multicurrency Note Programme dated 28 September 2005. Land Securities Capital Markets PLC is the bond issuing vehicle for the Group funding structure, established in November 2004.

The Notes have a £300 million principal amount paying 4.625% interest semiannually. The issue price is 99.458% with an expected maturity date of 3 February 2011 and legal final maturity of 3 February 2013.

Both Fitch Ratings Limited and Standard & Poor's Rating Services have indicated that the Notes will be rated AA. Proceeds from the Notes will be used to repay existing bank borrowings that are currently drawn under the Group's secured bank facility. Issuance of the new Notes will not affect the ratings of the existing Land
Securities Capital Markets PLC bonds which are also rated AA by both agencies.

Barclays Capital, Citigroup and JPMorgan Cazenove are acting as Joint Lead Managers for the issue of the Notes. BNP Paribas, Calyon, HSBC, Lloyds TSB and Royal Bank of Scotland are acting as Co-Managers.

This press release does not constitute an offer for sale in the United States. In the absence of a registration pursuant to the US Securities Act of 1933 neither the Notes nor the guarantees appertaining thereto may be publicly offered in the United States.
No offering of the Notes will be made in the United States.

Source: Land Securities

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