BL Gazeley - property sale

British Land Co PLC
03 April 2003


                   BL GAZELEY SELLS ENFIELD DISTRIBUTION PARK

                  TO LEGAL & GENERAL FOR MORE THAN £25 MILLION


Legal & General Assurance Society Ltd has acquired Delta Park in Enfield from BL
Gazeley Ltd for £25.25 million.  The sale of the freehold investment reflects a
net initial yield of close to 7% and was concluded within days of the completion
of the final warehouse unit.


The acquisition is part of Legal & General's strategy of buying high quality,
well-located industrial/distribution estates and follows last year's £10.6
million purchase of the Guildford Industrial Estate.


Delta Park was developed by BL Gazeley, a 50/50 joint venture company between
The British Land Company PLC and Gazeley Properties.


Stephen Mundy from Legal & General said: "The organic expansion of The Life
Fund's industrial holdings is continuing with the capture of an excellent asset
in an undersupplied market. L&G Property now manages around £1.2billion of
industrials and £6 billion of UK real estate."


Commenting on the deal, Nick Redwood, Development Director for Gazeley
Properties said:

"The fact that we are able to announce the investment sale of Delta Park as we
finish construction of the final unit is indicative of the strong demand for
good quality, well located, well let distribution investments."


Tim Roberts, Joint Head of Asset Management at British Land comments:

"Occupier demand and take up has exceeded our expectations and we are pleased to
have concluded a profitable sale to Legal & General".


Since opening in 2001, Delta Park has become a thriving hub for occupiers
seeking high quality distribution facilities strategically located within the
north-east quadrant of the M25.   The final 6,782 sq m (73,000 sq ft) bespoke
unit, completed in March 2003, is pre-let to medical equipment distributor
Southern Syringe Services for a term of 20 years, at a rent of £80.73 per sq m
(£7.50 per sq ft).   Other tenants include News International, Springrealm,
Powwow and McFarlane and average rents are in the region of £86 per sq m (£8 per
sq ft).


The 8.94 hectare (22.1 acre) Park is located in the Brimsdown area of Enfield,
the second largest industrial location in London after Park Royal.


Delta Park comprises a total of 21,666 sq m (233,213 sq ft) of industrial and
distribution space arranged as seven units ranging from 1,467 sq m to 6,782 sq m
(15,791 sq ft to 73,000 sq ft).


BL Gazeley was represented by retained agents Jones Lang LaSalle (020 7493 6040)
and Holley Blake (020 7629 4171), while DTZ Debenham Tie Leung (020 7643 6355)
acted for Legal & General.


For further information, please contact:


Legal & General                                      Halogen
Mike Connolly                                        Linda Welch or Louise Miles
PR Manager                                           Tel: [phone]
01737 375365                                         [e-mail]
[e-mail]


Notes to Editors:


Legal & General


Legal & General Property manages nine separate Funds with total Funds under
management of approximately £6bn, including four Limited Partnerships:
Industrial Property Investment Fund (IPIF)
Performance Shopping Centres Partnership (PSCP)
Retail Leisure Fund
English Cities Fund (ECF).

The Life Fund (Legal & General Assurance Society Ltd.) has a total portfolio
value in excess of £4bn, including major development opportunities in London
(Bucklersbury House, St. Giles Circus and Fortress House, Savile Row), retail
development opportunities in Oxford Street, Bracknell, Northampton and
Warrington, together with Business Park opportunities in the M4 corridor and
Manchester.


BL Gazeley


BL Gazeley is a 50/50 joint venture company between The British Land Company PLC
and Gazeley Properties.


Following the sale of Delta Park, the BL Gazeley portfolio consists of Mill
Park, Thatcham and Ravensbank Business Park in Redditch.


Mill Park, totalling 14.6 hectares (36 acres), is one of the largest industrial/
distribution sites in the Thames Valley area.  It is situated in Thatcham near
Newbury, just 5 miles from junction 13 of the M4 and 10 miles from junction 12
and will provide 55,740 sq m (600,000 sq ft) of accommodation on completion.


Ravensbank Business Park - the 17.8 hectare (44 acre) mixed-use park is located
close to junction 3 of the M42 in Redditch.  The Park is ideally suited to high
profile occupiers seeking a strong regional presence in a low-density park
capable of providing 67,353 sq m (725,000 sq ft) of space on completion.


For further information about The British Land Company PLC, please visit
www.britishland.com


For further information about Gazeley Properties or any of its other
developments please visit www.gazeley.com




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