ILAC Centre sale

British Land Co PLC
30 August 2005



30th August 2005



             BRITISH LAND SUBSIDIARIES PROFIT FROM ILAC CENTRE SALE


Firmount Limited and Arch Properties Limited (wholly-owned subsidiaries of The
British Land Company PLC) announce the sale of a 50% interest in the Ilac
Shopping Centre, Dublin for €121.32m. The half share was originally acquired in
2001 for €56.6m.

The shopping centre has been co-owned with Irish Life Assurance Company Plc,
with the British Land subsidiaries acting as Asset Managers since acquisition in
July 2001.

Strategic asset management has achieved significant new agreements with Dunnes
stores, Roches stores, Dublin City Council and Easons. A 14,000 sq ft flag-ship
store has been created for H&M at the newly remodelled entrance at Mary Street
and a new Dunnes store fronting Henry Street and Moore Mall across Sampson's
Lane is scheduled to be opened by Christmas 2006. In addition, during 2004 the
asset managers put in place an agreement with South Dublin Construction for the
development of 10,000 sq ft of retail space on Parnell Street with 126
apartments above.



Contacts

John Weston Smith
The British Land Company PLC tel: [phone]

Cyril Metliss
The British Land Company PLC tel: [phone]

Merrick Marshall
The British Land Company PLC tel: [phone]

Faeth Birch
Finsbury tel: [phone]



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