Expansion in Europe

British Land Co PLC
22 May 2006



                                                                     22 May 2006


                         BRITISH LAND EXPANDS IN EUROPE

British Land has taken a significant step in expanding its European out of town
retail interests.

It has formed a 50:50 joint venture with a group of European private investors
and one of Spain's largest construction companies, Copcisa Corp, to develop a
2.1 million sq ft mixed retail and leisure scheme in Zaragoza, Spain.

The scheme, known as Puerto Venecia, is situated in 60 hectares on the city's
new ring road. It is one of the largest schemes of its kind underway in Europe.

Valentine Beresford, Director of British Land European Fund Management, said:
"This is our first major exposure to Eurozone retail development outside of the
expanding PREF retail park fund. It is directly in line with our strategy to
expand in Europe in out- of-town retail and builds on our existing UK/Europe
expertise.

"We are delighted to be partnering on such a significant scheme. It has been in
the design and planning stage for some six years and will be a major attraction
for the city of Zaragoza."

The retail park is scheduled to open in late 2007, with the final phase of the
shopping centre due to be completed and trading at the end of 2008.

The end capital value of the scheme is anticipated to be in the order of €500m.

Anchor tenants committing to the big box element of the scheme include IKEA,
Leroy Merlin, Conforama, Decathlon, Boulanger and Porcelanosa.


Contacts:

The British Land Company PLC:
Valentine Beresford                                 020 7486 4466
Laura De Vere                                       020 7467 2920

Finsbury:
Faeth Birch                                         020 7251 3801



                                           
Notes to Editors:

   •The development will comprise an 87,000m(2) retail park, a 61,000m(2)
    shopping centre, "Lifestyle Big Box Retail" of 10,400 m(2), a multiplex/
    leisure complex of 31,000m(2) and a hotel/convenience retail of 5,000m(2).

   •Zaragoza is one of Spain's rapidly expanding cities and has been
    instrumental in pushing forward the planning process to ensure that Puerto
    Venecia is open and trading in time for Expo 2008. The city is a logistic
    focal point between Madrid, Barcelona and Valencia, being circa 300km from
    each.

   •Commercial licensing has been obtained and infrastructure works are
    already underway. IKEA has begun construction.

   •The city commands a catchment in excess of 1.5 million people within 90
    minutes.

   •British Land was advised on the development by CBRE, as well as its
    British Land European Fund Management partners, Doric Properties, who will
    be working with British Land to bring the development to fruition.

   •British Land's other interests in Europe include retail parks in Spain,
    Italy, Portugal, Belgium and France through its property advisor role and 40
    per cent holding in PREF. Assets owned and committed in PREF total some
    €600 million.









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