Acquisition

British Land Co PLC
22 December 2003




                               22nd December 2003



                      BRITISH LAND'S ABERDEEN ACQUISITIONS



The British Land Company PLC has recently completed a series of acquisitions at
the St. Nicholas Shopping Centre in Aberdeen, and now owns the whole of the
Centre on a ground lease from Aberdeen City Council.  The covered shopping
scheme comprises 115,000 square feet and has a strong tenant mix with 94% of the
space occupied by national multiple retailers.



A 40% interest in the Centre had previously been owned by BL Universal, British
Land's joint venture with GUS plc.  British Land bought out the GUS interest and
simultaneously acquired the remaining 60% held by a pension scheme for £31
million.  On the same day British Land acquired for £11.6 million from L&R
Partnership the long leasehold peppercorn interest in two prime shop units in
the centre of the scheme occupied by Next and W. H. Smith.



Bob Bowden, Property Investment Director of British Land, commented, "I am
delighted to be able to piece together these interests, which will now enable us
to consider future development plans for the Centre".



Colliers CRE advised British Land on these transactions.  La Salle Investment
Management acted for the pension fund and the advisers to L&R Holding
Partnership were Donaldsons.









CONTACTS

The British Land Company PLC
John Weston Smith                                  )  tel: [phone]
Robert Bowden                                      )  tel: [phone]


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






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