Property Sale

British Land Co PLC
31 August 2006

                                                                31 August 2006

                         £110 MILLION CITY DEAL AGREED

The British Land Company PLC has disposed of 133 Houndsditch in the City of
London to the Henderson Central London Office Fund for £110 million.

The net initial yield is 4.0% and reversionary yield is 6.5%.

The Houndsditch site extends to an area of 1.02 acres with office, retail and
ancillary accommodation accounting for 210,046 sq ft. Income receivable from the
property, which is 60 per cent occupied, totals £4.5 million per annum.

Bob Bowden, Property Investment Director, British Land said: "The sale has
delivered a strong investment price for us and is at a premium to the March 2006
book value. It reflects our on-going programme to reshape the portfolio and
recycle capital into other projects, particularly developments, which have
better prospects for enhanced returns."

Commenting on the deal, Clive Castle, Fund Manger of Henderson's Central London
Office Fund said: "The property offers the Fund significant exposure to the City
market which we believe will continue to strengthen in the short to medium term,
driven by a limited supply of good quality floorplates and healthy tenant
demand. The Fund will undertake a major refurbishment of the building including
80,000 sq ft of floorspace over the coming year."

British Land was advised by DTZ on the Houndsditch sale. Henderson was advised
by Nelson Bakewell.

Notes to Editors
   •British Land also concludes the disposal of 51 Eastcheap, at the heart of
    London's financial and insurance services district, for £55 million this
    month. The sale delivers a 7 per cent gain above the March 2006 valuation.
   •In the financial year to date, British Land has carried out more than
    £500 million of value enhancing disposals and acquired £820 million of new
    assets as it continues to tighten its focus on London Office and Retail
    Parks while recycling capital within advantages sectors.
   •British Land's office assets are valued at £5.5 billion and represent
    36 per cent of the £15.2 billion property portfolio.

About Henderson's Central London Office Fund
A closed ended Jersey Property Unit Trust, the Central London Office Fund was
launched in March 2004. Principally investing in the City, West End and Mid
Town, the fund offers investors the opportunity to access the Central London
office markets. The current portfolio includes 23 assets with a combined value
of £766 million (August 2006). The portfolio is largely multi-let, offering
opportunities for asset management initiatives.

The Fund Manager is Clive Castle.

About Henderson Property
Henderson is one of Europe's leading property asset managers with over €8.7
billion of property funds managed pan Europe. The property team comprises 129
employees in London, Frankfurt, Milan, Paris and Amsterdam. It also has
additional asset management capabilities through joint venture partners in
Hamburg and Vienna.

The property business manages pooled and segregated accounts, which invest in
properties offering core and value-added returns. In addition to investing
across all commercial sectors, it also manages funds with sector specialist and/
or regional themes. Henderson's property business includes a market-leading
research capability. Every month it carries out analysis and forecasting for
over 400 individual pan-European towns, assessing opportunities in order to
maximise returns and deliver out performance.

About Henderson Global Investors
Established in 1934, Henderson Global Investors is a leading independent global
asset management firm. The company provides its institutional, retail and high
net-worth clients with access to skilled investment professionals representing a
broad range of asset classes, including equities, fixed income, property and
private capital. Headquartered in London, Henderson is one of Europe's largest
investment managers, with £67.7 billion assets under management (as at December
2005) and employs around 900 people world-wide.

Contacts

The British Land Company PLC
Laura De Vere, Director Corporate Communications            020 7467 2920

Henderson
Richard Acworth                                             020 7818 4222
Henderson Press Office                                [e-mail]

Finsbury:
Ed Simkins                                                  020 7521 3801






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