Acquisition

British Land Co PLC
17 November 2003

                            17th November 2003

            BRITISH LAND PURCHASES OUTSTANDING 50% INTEREST IN
                         BL UNIVERSAL PLC FROM GUS PLC

The British Land Company PLC announces the £120 million purchase of the 50%
share owned by GUS PLC in the BL Universal PLC joint venture. Net assets of BL
Universal PLC at 30th September 2003 were £272.2 million. Gross property assets
at 30th September 2003 were £761.2 million and the net annual income £50.3
million.  At the same time BL Universal PLC has repaid a shareholder loan of £43
million to GUS PLC.  British Land will fund the purchase from its existing cash
resources.

The portfolio totals 101 properties. It is 80% retail, (shops 40%, retail
warehousing 30%, supermarkets 10%) and 20% offices.

The joint venture was established in February 1997, when it acquired 982
properties from the GUS group.  Since then, it has sold or relinquished 894
properties and has reinvested the proceeds primarily in retail parks, as well as
using the proceeds to repay debt and return cash to the partners.

British Land now owns 100% of the resultant portfolio of prime, modern property
which it specifically selected for the joint venture because of its growth
potential.


CONTACTS

The British Land Company PLC
Cyril Metliss                        )  tel: [phone]

Finsbury Limited
Edward Orlebar                       )  tel: [phone]
Faeth Birch                          )


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