Property Portfolios

British Land Co PLC
20 February 2001


St. Stephen's Green Shopping Centre and ILAC Centre

The British Land Company PLC and Irish Life announce that in principle they
have agreed that Irish Life will acquire 73% of St. Stephen's Green Shopping
Centre, Grafton Street, Dublin.  This freehold property was developed by
British Land in 1988.

British Land will acquire 40% of the freehold of the ILAC Centre, Henry
Street, Dublin.  The remaining 60% will be held by Irish Life as to 40% and
Electricity Supply Board 20%.  There are opportunities to develop additional
space there.  

The initial yield on the purchase price of St. Stephen's Green is 4.8%, rising
to 5.8% by December 2004.  The initial yield on the ILAC Centre is 4.3%,
rising to 6.53% by November 2001 and 6.82% by December 2003.

St. Stephen's Green consists of 173,000 net sq. ft. of retail shopping plus
Dunnes Stores operating in 127,000 net sq. ft.  The ILAC Centre consists of
110,000 net sq. ft. of individual retail units, together with Dunnes Stores
who occupy 120,000 net sq. ft.

This transaction will release approximately I£70 million to British Land.

Portfolio Sale by BL Universal

BL Universal PLC, a joint venture company owned by The British Land Company
PLC and The Great Universal Stores P.L.C., has agreed to sell a portfolio of
81 high street shops, mainly freehold with some long leasehold located
throughout the U.K., for the sum of £113 million.

This is a further stage in the portfolio rationalisation which was initiated
by the Company at its outset in February 1997.





Contacts

The British Land Company PLC:
John Weston Smith, Finance Director, telephone: [phone]

Bell Pottinger Financial Limited:
Kate Power, telephone: [phone]