Meadowhall Shopping Centre

British Land Co PLC
04 April 2003

                                                                  4th April 2003


                      Visit to Meadowhall Shopping Centre


British Land is today hosting a visit for investors to its Meadowhall Shopping
Centre, which is one of only six super regional shopping centres in the UK.

The visit will focus on the relative attractions of Meadowhall and the many
initiatives undertaken to add value for retailers at the Centre.


Rent Reviews


Good progress has continued to be made on rent reviews and over the last two
years, 86 reviews have been settled increasing total passing rents per annum by
£7.8 million to £68 million currently.  Two notable settlements are those on
department stores where the rents achieved were significantly ahead of the
previous rents.


Oasis Refurbishment


Also the Centre's Oasis food court area is currently undergoing a £8 million
major refurbishment, which will provide additional seating for approximately 350
people increasing seating capacity to over 1,300 and give the whole area an
entirely new contemporary look.


Key Attractions


  • An unrivalled geographic location with one of the most densely populated
    catchment areas of any of the super regional shopping centres: 8.2 million
    people within a 60-minute drive.  At the same time, competing town centre
    retail space is significantly lower at Meadowhall than the other super
    regional shopping centres.


  • A high quality, diversified tenant base: more than 280 tenants comprising
    the most established retailers in the UK.


  • Excellent transportation links: easy access to the M1 and extensive public
    transport system.


  • 167.3 acres freehold site, of which only 66% has been developed.


  • Centre of retailing excellence: state-of-the-art training centre in The
    Source which opened on 21st March 2003 and offers a broad cross-section of
    training at all levels, focusing on the needs of the retail sector.


  • Continuing investment in technology and new initiatives aimed at
    consumers.  These include the launch of the retailer intranet system to
    enable instant communication between store managers and Meadowhall
    personnel, the first interactive customer loyalty scheme for a shopping
    centre - 'GO-SHOP' and the Meadowhall transactional website 'Surprise
    Someone', an on-line gift service offering retailers an additional route to
    the market.


Commenting on the day, Robert Bowden said:


"Meadowhall's location, transport links and critical mass of committed tenants
give it an unrivalled competitive position.


Within British Land's total portfolio of £9.4 billion, 47% is invested in prime
retail properties, of which four-fifths is out-of-town. With Government planning
restrictions creating significant barriers to future development and increasing
demand from retailers, we see out-of-town retail property as an asset class with
outstanding potential."


For further information, please contact:


The British Land Company PLC:                                  [phone]


John Weston Smith, Chief Operating Officer

Nick Ritblat, Director

Robert Bowden, Property Investment Director



Finsbury:                                                       [phone]

Edward Orlebar or Faeth Birch


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