Director Shareholding

British Land Co PLC
30 November 2004


The British Land Company PLC announces the following awards on 29th November
2004, under the Company's share incentive schemes, to Mr Stephen Hester, who
joined the Company as Chief Executive on 12th November 2004.

1/. An award under the Company's Long Term Incentive Plan of 56,532 Performance
Shares at nil consideration, 165,828 options (Inland Revenue unapproved) at 796
pence per share and 3,768 options (Inland Revenue approved) at 796 pence per
share. The above Performance Shares conditionally vest on their third
anniversary of grant. The options are conditionally exercisable from the third
until the tenth anniversary of grant.  Both Performance Shares and options
require the satisfaction of a performance target for vesting to take place.

2/. An award of 36,671 shares under the Recruitment Award Agreement at nil
consideration. These shares conditionally vest on 12th November 2005.

3/. An award of 61,957 shares under the Co-Investment Share Plan at nil
consideration. These shares conditionally vest on their third anniversary of
grant. This award was conditional on the prior acquisition by Mr Hester of a
matching number of shares and requires those shares subsequent retention for a
three year period.

The Company also announces that The British Land Share Ownership Plan purchased
400,000 ordinary shares of the Company at an average price of 818.08 pence per
share on 29th November 2004.

The British Land Share Ownership Plan is a discretionary trust established for
the benefit of employees, including executive directors, of the Company, to
facilitate the operation of its share incentive schemes. Executive directors of
the Company who are participants in these schemes are consequently considered to
be interested in the shares held by the Trust, as discretionary beneficiaries.


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