Director Shareholding

British Land Co PLC
20 December 2004



The Company announces that The British Land Share Ownership Plan sold 514,463
ordinary 25p shares of the Company at an average price of 867.1 pence per share
on 17th December 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 long-term share incentive schemes.   The
interest of the executive directors in this disposal is only in their capacity
as members of the class of discretionary beneficiaries of the trust.  None of
the executive directors have received any consideration, or otherwise derived
any benefit, from this disposal.

20th December 2004.



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