Acquisition

British Land Co PLC
9 April 2001

                                                               9th April, 2001



                     BRITISH LAND BUYS 22 HOMEBASE STORES



The British Land Company PLC has agreed to buy 22 Homebase stores from
Sainsbury's for £156 million. The yield overall is 7%.

Out-of-town retail stores remain attractive investments, with a shortage of
supply in the face of a restrictive planning regime. 20 of the stores are
freehold, one is very long leasehold without review and only one is a shorter
leasehold. The average store size is almost 40,000 sq ft.

British Land's geographic spread in this sector gains from the number of
London holdings in this portfolio.

The consideration will be settled in cash.


Contacts

The British Land Company PLC:

John Ritblat, Chairman, telephone: [phone]

John Weston Smith, Finance Director, telephone: [phone]

Bell Pottinger Financial Limited:

Kate Power, telephone: [phone]