Holding(s) in Company

British Land Co PLC
15 July 2002

                                                                  15th July 2002


                         THE BRITISH LAND COMPANY PLC
                         NOTICE OF SUBSTANTIAL INTEREST


The Board of British Land announces that, in response to a Notice served under
Section 212 Companies Act 1985, Laxey Partners Limited ("Laxey") has replied
claiming that on 12th July 2002, it had an interest in 46,594,556 ordinary
shares of the Company, representing 9.0 per cent. of the issued share capital.
Its earlier response dated 9th July 2002 claimed an interest, at that date, in
15,134,556 ordinary shares representing 2.9 per cent.

British Land is seeking clarification and explanation of certain matters raised
in the notification of 12th July 2002 and previous responses given by Laxey to
Notices served under Section 212.

Notwithstanding that the Directors of British Land have not yet reached a
concluded opinion on the above matters, they have decided to allow all members
who wish to vote on the specific resolutions as set out in the Notice of Annual
General Meeting so to do.

Contacts

The British Land Company PLC:
            John Ritblat, Chairman                      tel: [phone]

            John Weston Smith, Chief Operating Officer  tel: [phone]

Finsbury:

            Edward Orlebar            )                 tel: [phone]
            Faeth Birch               )





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