Disposal

British Land Co PLC
10 October 2001


                                                            10th October, 2001


       £125 MILLION PROFITABLE PROPERTY SALES PROGRAMME BY BRITISH LAND


British Land announces £125 million of sales, in pursuit of its policy of
creating  profitable property disposal opportunities.  The details are as
follows.


Central Birmingham Offices - Temple Court


The British Land Company PLC has sold for £42 million the freehold interest in
this prime office building in central Birmingham, close to Colmore Circus.
This 265,000 sq ft (29,700 sq m) property is let principally to
PricewaterhouseCoopers for a further 13.25 years.  The current income is £3
million per annum and includes The Minories, a retail arcade comprising 9 shop
units with a substantial public house fronting Corporation Street let to J. D.
Wetherspoon Plc.



Collingwood Rigby acted for British Land and the purchaser was represented by
Blandford Goldsmith.



Kingsthorpe Shopping Centre, Nottingham



British Land has completed the sale of this 58,000 sq ft (5,388 sq m)
neighbourhood shopping centre to Thurleigh Estates (Northampton) Ltd. for £5.5
million.  Insignia Richard Ellis acted on behalf of the seller and the buyer
received advice from Lambert Smith Hampton.



Connswater Centre, Belfast



BL Universal PLC, the joint venture company between The British Land Company
PLC and GUS plc, has sold the Connswater Shopping Centre and Retail Park in
Belfast to Killultagh Estates for £47.3 million.



The 295,000 sq ft (27,400 sq m) shopping centre is anchored by Tesco,
Woolworths and Dunnes, and provides 50 unit shops along a central mall where
other major retailers include Next, Boots and Etam.  The retail park, located
next to the shopping centre, provides 14 units and major occupiers include
Fitness First, Lidl, Carpetright and Sports Division.  Colliers CRE and NAI
Gooch Webster advised the vendors.



Bow Street Mall, Lisburn, Northern Ireland



The Tesco British Land Property Partnership has contracted to sell the Bow
Street Shopping Mall to a private Irish investor for £30.4 million.



                                                                       / . . .



The shopping centre provides over 111,000 sq ft (10,300 sq m) of retail
accommodation within Lisburn town centre.  Since purchase in 1998, Tesco, one
of the original anchor tenants along with Dunnes Stores, has relocated to an
edge of town superstore and their unit has been split up and successfully let
to TK Max and Primark.  In addition the Partnership has carried out 26
lettings and reviews since purchase, consequently increasing the passing rent
by 26%.



Colliers CRE advised the Partnership and the purchaser was advised by Mckibbin
Commercial.





Contacts



The British Land Company PLC:
      John Ritblat, Chairman                   tel: [phone]
      John Weston Smith, Finance Director      tel: [phone]

Finsbury:
      Faeth Finnemore                          tel: [phone]