New Superstore Joint Venture

British Land Co PLC
21 March 2007

                        NEW SUPERSTORE JOINT VENTURE

The British Land Company PLC and Tesco plc have formed a new £650 million Joint
Venture. The limited partnership incorporates 21 Superstores across the UK, all
occupied by Tesco. It brings the number of joint ventures between the two
companies to four. The new joint venture has a 20 year term with an early
termination option in 2017.

The portfolio has an initial rent of £29 million pa secured against 21 high
quality food stores. The rents are subject to annual RPI indexed increases for
the first 20 years capped at 3.5% pa, with open market reviews in year 20 and
options at that date for Tesco to either renew or buy back the stores at open
market value.

The occupational leases have been structured to provide operational flexibility,
in keeping with Tesco's strategy of continued investment, refreshment and growth
of its store portfolio. This customer focused approach also reflects British
Land's retail investment strategy.

Robert Bowden, British Land's Investment Director, said: "We are very pleased to
conclude this transaction with Tesco, increasing our investment in one of our
favoured retail sectors where we see significant growth potential. The
acquisition also adds to our portfolio of investments with indexed or minimum
rent increases, now amounting to over £2 billion."

Colliers CRE advised British Land on the purchase and Tesco were advised by
Morgan Williams.


Notes to Editors

   •Tesco and British Land have three other property joint ventures, the
    first of which was formed in 1996. Assets in the joint ventures total £1.16
    billion as at December 2006. The joint ventures include: 4 Retail Parks, 3
    Shopping Centres and 13 Tesco stores.
   •British Land owns or manages real estate valued at £20.4 billion as at
    December 2006 and has the largest property portfolio under management of the
    UK REITs.
   •British Land is the largest owner of superstore properties in the UK
    other than the occupiers themselves.


Date: 21 March, 2007


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