AGM Statement

British Land Co PLC
16 July 2004

                                                                    16 July 2004



                         Statement by Mr. John Ritblat,

                   Chairman of The British Land Company PLC,

        at the Company's Annual General Meeting on Friday, 16 July 2004


Since publishing the Company's latest results on 25th May 2004 we have
successfully concluded a number of attractive leases in our new developments in
the City of London.  Both Plantation Place 1 and Plantation Place 2, together
comprising over 700,000 sq ft of net rentable space, were completed on time and
on budget; to the existing major pre-let to Accenture we have now added a lease
to Royal and Sun Alliance of some 36,000 sq ft for their new Head Office.   Good
progress is also being made on letting the remaining office and retail space.



At 10 Exchange Square, London EC2, in Broadgate, we have leased 44,000 sq ft to
Herbert Smith and there are other active enquiries for much of the balance of
this 163,000 sq ft building, which has also just been completed on time and on
budget.


The Willis pre-letting of 420,000 sq ft at 51 Lime Street is progressing towards
completion.  We have started demolition of the existing building on the site and
the new Willis headquarters will be ready for them in 2007.


The entire sixth floor of 38,000 sq ft at 155 Bishopsgate, Broadgate, EC2 is
under offer to a leading UK bank, following us taking back the tail-end of the
previous occupier's lease and refitting the accommodation.  This demonstrates
the enduring quality, appeal and adaptability of Broadgate's buildings.


At Regent's Place, in the West End of London, the office space at 350 Euston
Road is fully let, additional tenants being the General Medical Council (48,000
sq ft) and Balfour Beatty (16,000 sq ft).  A Public Exhibition launched
proposals for a further 600,000 sq ft office and residential phase in the
re-development of this 2 million sq ft Estate.


Further afield, at Blythe Valley Park just off the M42 near Solihull, we
recently welcomed UK Athletics, the Sports Governing Body, as tenant of a
stand-alone building.  UK Athletics joins British Gas, Oracle and Regus at the
Park, where 390,000 sq ft have already been developed in partnership with
Solihull Borough Council on this 170 acre site.


Finance


Recently British Land initiated novel, simplified borrowing covenants, under
which unsecured borrowings are limited to 70% of the value of unencumbered
assets - the free asset pool.  This covenant applies to all unsecured borrowing
- banks as well as bonds.  The Company is currently raising £710 million in
unsecured bank facilities.


The Company has been able to call for conversion of its £150 million 6%
Irredeemable Convertible Bonds, as the rise in its share price is well in excess
of the requisite price of 650 pence.
 

New Chief Executive


The search is progressing well, and the Board will make an announcement as soon
as the process is complete.


Prospects


The improving outlook for letting in the City and West End of London is
particularly encouraging for our future prospective developments, such as 201
Bishopsgate, EC2, 122 Leadenhall Street, EC3 and Ludgate West, EC4.


There is a renewed appreciation of property's fundamental attractions in the
wider investment spectrum, given that so much uncertainty prevails outside the
sector.  Investors have been re-discovering the tangible merits of property in
terms of secure income, backed by real assets, augmented by growth, with in
addition the benefit of the present - and continuing - correction to tighter
yields.  This long overdue revival of sentiment is not the product of a boom,
for City of London office rental levels are now stabilised, and retail rents are
showing steady but not abnormal increases.


We look to sustained growth from what we believe to be one of the best
portfolios - modern, well-located and diversified.  As to the future, the latest
unsecured financing brings availability up to £1.2 billion, and we have further
enhanced our borrowing capability so that we can maintain flexibility for new
opportunities, as and when they arise.


Contacts

The British Land Company PLC:
John Ritblat, Chairman                              tel. [phone]
John Weston Smith, Chief Operating Officer          tel. [phone]

Finsbury:
Faeth Birch                                         tel. [phone]





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