Planning Consent

British Land Co PLC
26 July 2002


                                                                 26th July, 2002

                PLANNING RESOLUTION FOR MAJOR NEW CITY BUILDING


The British Land Company PLC, in conjunction with Stanhope plc, has secured a
resolution from the City Corporation to grant planning consent for a major new
building at 51 Lime Street, EC3.

Designed by Foster & Partners the new building will provide 532,735 sq ft of
office and ancillary accommodation and 6,609 sq ft of retail, compared to the
200,000 sq ft size of the old building.

British Land's Chairman and Chief Executive John Ritblat said, "We are pleased
to get this resolution which followed close consultation with the City
Corporation. We will now carefully consider the programme for carrying out the
development, in line with market conditions and occupier demand."




Contacts

The British Land Company PLC:
John Weston Smith, Chief Operating Officer              tel: [phone]

Finsbury:
Faeth Birch                                             tel: [phone]

Brown Lloyd James:
Clair Waldron                                           tel: [phone]






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