Slough's new chief executive, Ian Coull, has asked UBS to drawup a range of options for unlocking the value in its Americanassets. These include a sale, wholesale demerger, retaining a stakein a new company or a tax-efficient property investment trust.

The aim is to streamline Slough into a specialist developmentcompany better equipped to generate improved returns on capitalthan it can from pure property investment.

Slough has built a profitable business in the southernCalifornia property market with the development of thebiotechnology parks. They have attracted tenants like Pfizer whichnow occupies 25% of the property in the portfolio and this hasboosted the investment value of the estate.

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