Property Sale

British Land Co PLC
19 October 2004





                                                                 19 October 2004

                 The Swiss Centre, Leicester Square, London W1

British Land has sold the freehold of the Swiss Centre, London W1 to McAteer &
Rushe, a development and construction group based in Northern Ireland.

Thirty prospective bidders inspected the property and sixteen offers were
received. The sale price of £47 million is substantially in excess of book cost
and 31 March 2004 value.

The Swiss Centre is a mixed use building including a cinema, restaurants, bars
and a car park at lower levels, with offices above, totalling around 112,000 sq
ft. It sits on an island site in the heart of London's West End entertainment
district, in a prime position to the north side of Leicester Square, and thus
presents an ideal refurbishment or redevelopment opportunity.

Within the building, British Land's asset management strategy has therefore been
to create short term, flexible leases, currently generating circa £1.8 million
rental revenue per annum. Following the successful completion of this strategy
and the relocation of Swiss Tourism from the building, British Land was able to
offer the Centre's full potential to the market.

British Land originally acquired its interest in phases, achieving 100%
ownership in June 1999.

Jones Lang LaSalle acted on behalf of British Land in the disposal, whilst Stan
Cooney & Associates acted for McAteer & Rushe.

Contacts

The British Land Company PLC:
Bob Bowden                           020 7467 2892
John Weston Smith                    020 7467 2899

Finsbury:
Edward Orlebar                       020 7251 3801




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