323m 6.5% Convertible Bonds

British Land Co PLC
20 June 2002


                                                                  20th June 2002



                         The British Land Company PLC

                £323 million 6.5% Convertible Bonds due 2007 to

                         be redeemed on 24th June 2002



The British Land Company PLC announces that notices have been received from
holders of £254,000 nominal of the Bonds electing to convert their holdings into
new ordinary shares at 672p per share, in lieu of redemption at par. This will
result in the issue of 37,795 new ordinary shares.


The balance of the Bonds, amounting to £322,746,000 nominal, will be redeemed
for cash at par, together with accrued interest of £6.68 per £1,000 nominal of
Bonds, on 24th June 2002. The total amount payable by the Company including
accrued interest and paying agency fees will be approx. £324.9 million.



Application has been made to The Financial Services Authority and the London
Stock Exchange PLC for a total of 37,795 new ordinary shares of 25p each to be
admitted to the official list. It is expected that admission of the new shares
will be granted on 21 June 2002 and that trading will commence 24 June 2002.



These shares will rank pari passu with the existing ordinary shares except that
they will not rank for the final dividend declared on 29th May 2002 and payable
on 21st August 2002.



Contacts:



The British Land Company PLC                               Tel: [phone]

Nick Ritblat, Director

Peter Clarke, Joint Head of Asset Management



Finsbury
Tel: [phone]

Edward Orlebar

Faeth Birch





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