Interim Results - Part 1

British Land Co PLC
30 November 2000



Part 1

Independent review report to The British Land Company PLC                     

Introduction                                                                  

We have been instructed by the Company to review the financial information set
out on the following pages and we have read the other information contained in
the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors.  The directors
are responsible for preparing the interim report in accordance with the
Listing Rules of the Financial Services Authority and applicable United
Kingdom accounting standards.  The Listing Rules require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
                     
Review work performed                                                         

We conducted our review in accordance with guidance contained in Bulletin
1999/4 issued in the United Kingdom by the Auditing Practices Board and with
our profession's ethical guidance.  A review consists principally of making
enquiries of group management and applying analytical procedures to the
financial information and underlying financial data and, based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed.  A review excludes audit
procedures such as tests of controls and verification of assets, liabilities
and transactions.  It is substantially less in scope than an audit performed
in accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit.  Accordingly we do not express an opinion on the
financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 September 2000.

Arthur Andersen                                      29 November 2000
Chartered Accountants
1 Surrey Street
London
WC2R 2PS

Consolidated Profit & Loss Account for the six months ended
30 September 2000 (unaudited)

Year ended
  31 March
      2000                                     Note      2000         1999
 (audited)
        £m                                                 £m           £m
       ---                                                ---          ---
     443.7  Gross rental income                         228.3        208.1
     (75.4) Less share of joint ventures          8     (38.2)       (35.3)
     -----                                              -----        -----
     368.3  Gross rental income - Group                 190.1        172.8
     =====                                              =====        =====

     347.5  Net rental income                           180.1        161.3
      41.0  Profit on property trading                    1.9         41.9
       5.3  Other income                          3      23.9          2.8
     (26.7) Administrative expenses                     (14.3)       (13.5)
     -----                                              -----        -----
     367.1  Operating profit                            191.6        192.5
      68.9  Share of operating profits            8      34.7         32.3
            of joint ventures 
       3.3  Disposal of fixed assets -                   12.0          1.0
            including amounts from 
            joint ventures (note 8)
     -----                                              -----        -----
     439.3  Profit on ordinary activities               238.3        225.8 
            before interest                                               
    (282.9) Net interest payable                  2    (154.8)      (128.4)
     -----                                              -----        -----
     156.4  Profit on ordinary activities                83.5         97.4
            before taxation 

     (27.6) Taxation                              4     (17.0)       (18.1)
     -----                                              -----        -----
     128.8  Profit on ordinary activities after taxation 66.5         79.3
      (0.1) Minority interest                                         (0.1)
     -----                                              -----        -----
     128.7  Profit for the period                        66.5         79.2
     (56.5) Ordinary dividends                    5     (18.7)       (17.6)
     -----                                              -----        -----
      72.2  Retained profit for the period               47.8         61.6
     =====                                              =====        =====

      24.8p Basic and diluted earnings per share  6      12.8p        15.3p
     =====                                              =====        =====

      10.9p Dividend per share                    5       3.6p         3.4p
     =====                                              =====        =====


Group Balance Sheet as at 30 September 2000 (unaudited)

31 March
    2000                                       Note      2000         1999
(audited)
      £m                                                   £m           £m
   -----                                                -----        -----
           Fixed assets

 6,777.8   Investment properties                   7   6,648.5      6,500.7
 -------                                               -------      -------
           Investments in joint ventures

 1,219.3   Share of gross assets                   8   1,378.5      1.184.9
  (648.5)  Share of gross liabilities              8    (744.7)      (535.7)
 -------                                               -------      --------
   570.8                                                 633.8        649.2
 -------                                               -------      -------

   150.4   Other investments                             119.4        119.5
 -------                                               -------      -------
 7,499.0                                               7,401.7      7,269.4
 -------                                               -------      -------

           Current assets

    69.0   Trading properties                      7      52.2         71.0
    41.8   Debtors                                        55.5         73.0
   118.4   Cash and deposits                       9     395.2        271.3
 -------                                               -------      -------
   229.2   Total current assets                          502.9        415.3
  (566.0)  Creditors due within one year                (580.3)      (962.4)
 -------                                               -------      -------
  (336.8)  Net current liabilities                       (77.4)      (547.1)
 -------                                               -------      -------

 7,162.2   Total assets less current liabilities       7,324.3      6,722.3

(3,249.4)  Creditors due after one year            9  (3,230.8)    (3,080.0)
  (463.2)  Convertible bonds                       9    (463.6)      (462.7)
 -------                                               -------      -------
 3,449.6                                               3,629.9      3,179.6
 =======                                               =======      ======= 

           Capital and reserves

   129.5   Called up share capital                       129.5        129.5
 1,104.6   Share premium                               1,105.1      1,104.6
    (1.2)  Other reserves                                 (1.1)        (5.6)
 1,619.0   Revaluation reserve                         1,695.5      1,368.7
   597.7   Profit and loss account                       700.9        582.4
 -------                                               -------      ------- 
 3,449.6   Shareholders' funds                         3,629.9      3,179.6
 =======                                               =======      ======= 

     694p  Net  Asset Value per share              11      731p
 =======                                               =======      
          (The NAV per share includes the external 
           valuation surplus on development and 
           trading properties.)



           Approved by the Board on 29 November 2000


Other Primary Statements for the six months ended 30 September 2000
(unaudited)

Year ended 
  31 March
      2000                                                2000         1999
 (audited)
       £m                                                   £m           £m
  -------                                              -------      ------- 
              Total recognised gains and losses

    128.7     Profit for the period                       66.5         79.2
  -------                                              -------      -------

              Unrealised surplus on revaluation:

    220.9          -       investment properties         136.3
     37.7          -       joint ventures                 (9.8)
      1.3          -       other investments               5.7
  -------                                              -------      ------- 
    259.9                                                132.2
  -------                                              -------      ------- 

     (0.4)    Exchange movements on net investments       (0.2)         0.1
  -------                                              -------      ------- 
    388.2     Total recognised gains and losses          198.5         79.3
  =======                                              =======      =======

The comparative results for the six month period ended 30 September 1999 do
not incorporate any adjustment for the revaluation of properties or
investments held at 30 September 1999.

Year ended
  31 March
      2000                                                2000         1999
 (audited)
       £m                                                   £m           £m
  -------                                              -------      ------- 

               Reconciliation of movements in
               shareholders' funds
               (excluding valuation surplus on development 
               and trading properties).

    128.7      Profit for the period                      66.5         79.2
    (56.5)     Ordinary dividends                        (18.7)       (17.6)
  -------                                              -------      ------- 
     72.2      Retained profit for the period             47.8         61.6
    259.9      Revaluation of investment properties      132.2
               and investments
     (0.4)     Exchange movements on net investments      (0.2)         0.1
  -------                                              -------      ------- 
    331.7                                                179.8         61.7
      0.1      Shares issued                               0.5          0.1
  -------                                              -------      ------- 
    331.8      Increase in shareholders' funds           180.3         61.8
  3,117.8      Opening shareholders' funds             3,449.6      3,117.8
  -------                                              -------      ------- 
  3,449.6      Closing shareholders' funds             3,629.9      3,179.6
  =======                                              =======      =======

Group Cash Flow Statement for the six months ended
30 September 2000 (unaudited)

Year ended            
  31 March
      2000                                      Note      2000         1999
 (audited)
       £m                                                   £m           £m
  -------                                              -------      ------- 

    432.2  Net cash inflow from                   10     200.5        268.4
           operating activities 
  -------                                              -------      ------- 
           Dividends received from joint ventures          0.8
  -------                                              -------      ------- 
           Return on investments and servicing of finance
     38.2  Interest received                               4.2         16.7
   (302.2) Interest paid                                (201.7)      (180.9)
    (17.8) Interest paid on finance leases   
      1.1  Dividends received                              6.3          0.7
  -------                                              -------      ------- 
   (280.7)                                              (191.2)      (163.5)
  -------                                              -------      ------- 
      0.3  Taxation (paid) received                      (12.9)         0.5
  -------                                              -------      ------- 
    151.8  Net cash (outflow) inflow from operating       (2.8)       105.4
           activities and investments after finance 
           charges and taxation

           Capital expenditure and financial investment
   (203.0) Purchase of investment properties and plant  (102.8)      (116.6)
    (73.7) Purchase of investments                        (6.4)       (34.4)
    116.3  Sale of investment properties and plant       373.7         67.1
     22.5  Sale of investments                            46.9         21.0
  -------                                              -------      ------- 
   (137.9)                                               311.4        (62.9)
  -------                                              -------      ------- 
           Acquisitions and disposals

   (705.0) Purchase of Meadowhall Shopping Centre         (8.0)      (100.8)
           Cash at bank acquired with Meadowhall
      9.8  Shopping Centre 
    (10.7) Purchase of other subsidiary companies
    (95.7) Investment in and loans to joint ventures     (70.4)       (66.8)
    175.1  Sale of shares in and loans repaid by           2.6         22.4
           joint ventures
  -------                                              -------      ------- 
   (626.5)                                               (75.8)      (145.2)
  -------                                              -------      ------- 

    (92.3) Equity dividends paid                         (38.9)       (74.7)
  -------                                              -------      ------- 
   (704.9) Net cash inflow (outflow) before              193.9       (177.4)
           management of liquid resources
  -------                                              -------      ------- 

           Management of liquid resources
    (25.7) Decrease (increase) in term deposits           31.8       (136.4)
  -------                                              -------      ------- 

           Financing
      0.1  Issue of ordinary shares                        0.1          0.1
  1,529.3  Issue of Broadgate securitised debt                      1,528.9
   (286.4) Repayment of finance leases
   (544.5) Increase (decrease) in bank and                84.3     (1,200.3)
           other borrowings
  -------                                              -------      ------- 
    698.5                                                 84.4        328.7
  -------                                              -------      ------- 

  -------                                              -------      ------- 
   (32.1)  Increase (decrease) in cash            10     310.1         14.9
  =======                                              =======      =======

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