Lease Restructuring

BRITISH LAND COMPANY PLC
15 July 1999


                      NEW LEASE STRUCTURE FOR 
                 100 NEW BRIDGE STREET, LONDON EC4
                 --------------------------------

The British Land Company PLC has concluded a major restructuring on its
Ludgate estate of the occupational leases at 100 New Bridge Street, London
EC4, thereby enhancing the investment attractions and value of the property. 
This is one of the properties acquired as part of its purchase of the
Broadgate and Ludgate estates in 1996.

The law firm Baker & McKenzie has leased an additional 72,000 sq ft net and
will become the lessee of the entire 153,000 sq ft net of office space until
June 2017.  Tenants' options to break the leases during the term have been
removed as part of the restructuring in consideration of a contribution to
tenants' fit-out costs.

Including also the 12,000 sq ft retail element, the total rents payable rise
to £6.5 million per annum.

Contacts

John Ritblat, Chairman               The British Land Company PLC
John Weston Smith, Finance Director  0171-486-4466