Disposal

British Land Co PLC
28 July 2003


                  ST. STEPHEN'S GREEN SHOPPING CENTRE, DUBLIN

Firmount Limited, a wholly owned subsidiary of The British Land Company PLC, has
agreed to sell its remaining 27% interest in St. Stephen's Green Shopping Centre
in the sum of €64 million (£45.6 million). The purchaser is a leading Irish
investor.  Firmount had previously sold its 73% interest to Irish Life in 2001.

The St. Stephen's Green Shopping Centre was developed by British Land and
successfully completed in 1988 and extended in 1997. It comprises  27,800m2
(300,000 sq. ft.) and almost all major multiples are represented including
Benneton, Mothercare, Dunnes, TK Maxx.  The current rent roll is in excess of
€11m.

Enquiries:

Cyril Metliss, The British Land Company PLC                [phone]
Faeth Birch/ Gordon Simpson, Finsbury Group                [phone]


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