ADR programme launch

British Land Co PLC
20 October 2003

                                                               20th October 2003

               British Land Launches American Depositary Receipt

The British Land Company PLC has today launched a Level 1 American Depositary
Receipt ('ADR') programme.

The ADRs will trade under the symbol 'BTLCY' in the U.S. over-the-counter
market.  One British Land ADR will represent one existing ordinary share of the
Company.   The Bank of New York has been appointed as the depositary bank.

British Land already has a number of shareholders in the U.S.  The ADR
programme, which follows British Land's second investor roadshow to the U.S.
this year as part of its on-going investor relations' activities, is a further
step towards raising the Company's profile and constituency among a wider U.S.
investor audience.

Enquiries:

Contacts

The British Land Company PLC:

John Ritblat, Chairman                                   tel: [phone]
John Weston Smith, Chief Operating Officer               tel: [phone]
Amanda Jones, Head of Investor Relations                 tel: [phone]

Finsbury:

Edward Orlebar, Faeth Birch                              tel: [phone]

Additional Note

An ADR is a negotiable U.S. security which is issued by a U.S. based depositary
bank and represents underlying shares of a non-U.S. Company.  ADRs are priced
and pay dividends in U.S. dollars, and allow U.S. investors to buy and sell ADRs
of non-U.S. companies in a similar way to buying or selling shares of U.S.
domestic companies.

This announcement is made as a matter of record only and does not constitute or
form any part of any offer or invitation to sell or issue, or any solicitation
of any offer to purchase to subscribe for, any securities in The British Land
Company PLC.

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