Joint Venture Renewal

British Land Co PLC
11 December 2003


                                                              11th December 2003


            BRITISH LAND AND TESCO RENEW AND REFINANCE JOINT VENTURE


The British Land Company PLC announces the renewal of its joint venture with
Tesco PLC, BLT Properties Limited, for a further 7 years.

BLT was the first of several joint ventures between Tesco and British Land.  It
was formed in 1996 for an initial term of 7 years, with a £175 million portfolio
of 13 properties.  Since then, BLT has:
     
•    extended 4 properties, involving a total of 80,000 sq ft (equivalent to 
     adding a further large superstore to the portfolio)

•    sold 3 properties profitably to third parties on the open market

•    sold a property to Tesco and purchased from Tesco another similar property.

The portfolio now comprises 8 Tesco superstores and 2 retail parks (one with a
Tesco superstore) valued at a total of £250 million.

BLT was financed initially by a £140 million syndicated bank loan, which reduced
to £110 million following the sales.

A new term loan has now been obtained for £185 million from a syndicate of
Danske Bank A/S, HSBC Bank plc, Mizuho Corporate Bank Limited, The Royal Bank of
Scotland plc and WestLB AG.

CONTACTS

The British Land Company PLC
Sarah Barzycki                          020 7467 2923

Finsbury Limited
Edward Orlebar                          020 7251 3801
Faeth Birch

Tesco PLC
John Church (Press)                     01992 646606
Steven Butler (IR)                      01992 644800



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