Acquisition

British Land Co PLC
14 February 2005


                                                              14th February 2005



             BRITISH LAND INVESTS IN 23 DEBENHAMS DEPARTMENT STORES
             ______________________________________________________



The British Land Company PLC has exchanged contracts for a transaction
encompassing 23 freehold and long leasehold Debenhams department stores
totalling 3.28 million square feet for a value of some £495 million. Completion
will bring the value of British Land's retail property portfolio to over £6.4
billion (based on September 2004 values and subsequent acquisitions).


The stores are located in prime positions on high streets in major cities and
towns throughout the country, including London (Oxford Street), Manchester,
Cardiff and Chester.  A full list is attached as Note 1.


They are leased to Debenhams for a term of 30 years from March 2004 (35 years in
the case of Oxford Street and Manchester) at a total rent of £27.9 million per
annum from March 2005.  The rent increases annually by 21/2% compound (except
for the four years from March 2010 when it increases annually by 3%), with a
review in March 2019 and five yearly thereafter to the higher of market rent or
the initial rent as grown by 21/2% per annum.  The tenant has an option to renew
at the end of the lease for a further 25 years with a rent reviewable at five
yearly intervals to market rent.


The transaction will be financed at rates of approximately 5.1% from existing
cash and debt facilities, including the £500 million additional long-term bond
finance currently being finalised as part of the (unrelated) Broadgate
refinancing.


Stephen Hester, British Land Chief Executive comments:


"This well let portfolio has guaranteed annual uplifts throughout a minimum
term of 30 years, and potential for additional rental growth, plus an initial
income return of 5.6%.  We believe the 23 stores, leased to one of the leading
department store operators in the UK, provide an excellent addition to British
Land's retail portfolio. The secure income growth is expected to be increasingly
valuable with various asset management opportunities on top and in a sector well
known to us. "


Enquiries:


The British Land Company PLC

Bob Bowden, Investment Director                               Tel: [phone]
John Weston Smith, Chief Operating Officer                    Tel: [phone]


Finsbury

Edward Orlebar                                                Tel: [phone]






Notes to Editors


Note 1
______


The properties are:                            Gross Internal   Tenure
                                               Floor Area
                                               (square feet)


Bournemouth           -    Commercial Road     106,188          Freehold
Canterbury            -    Guildhall Street    116,494          Freehold
Cardiff               -    St. David's Centre  140,325          Virtual Freehold
Chelmsford            -    High Street         126,973          Freehold
Chester               -    Eastgate Street     153,268          Freehold
Eastbourne            -    Terminus Road       104,709          Freehold
Harrow                -    Station Road        225,208          Leasehold
King's Lynn           -    High Street          46,602          Freehold
Kingston upon Hull    -    Prospect Street     177,127          Freehold/Part 
                                                                Leasehold
London                -    Oxford Street       366,706          Freehold
Luton                 -    George Street        61,317          Freehold
Manchester            -    High Street         466,540          Virtual Freehold
Oxford                -    Magdalen Street     139,918          Leasehold
Salisbury             -    Blue Boar Row        59,116          Freehold
Sheffield             -    The Moor            213,842          Leasehold
Southampton           -    Queensway           285,303          Freehold
Southport             -    Lord Street          64,356          Freehold
Staines               -    High Street         113,367          Freehold
Stockton              -    High Street          40,727          Freehold
Stratford upon Avon   -    High Street          92,982          Freehold
Taunton               -    North Street         86,911          Freehold
Winchester            -    High Street          50,612          Freehold
Worthing              -    South Street         44,898          Freehold
                                           ------------
                                             3,283,489


Note 2
______


British Land have been advised by Dalgleish.  Lazard acted as financial adviser
to Debenhams on the transaction.


                      This information is provided by RNS
            The company news service from the London Stock Exchange