Property Sale

British Land Co PLC
20 September 2005






                                                               20 September 2005

                BRITISH LAND SELLS 2-16 BAKER STREET, LONDON W1

British Land is selling its interest in 2-16 Baker Street, London W1, to McAleer
& Rushe Ltd. for £57.20 million, significantly above its March 2005 book value.
Completion is due to take place shortly.

The building, built in the 1950s and last refurbished in the 1980s, comprises
some 94,000 sq. ft. of office, retail and ancillary accommodation and is held on
a 98 year headlease from the Portman Estate. The offices are let to BDO Stoy
Hayward on a lease expiring in December 2009 with an average rent of £46.00/sq.
ft. The retail accommodation is let under four separate leases, with the longest
lease expiring also in December 2009. The current income receivable from the
property equates to £3.69 million per annum.

British Land was represented by Jones Lang LaSalle and James Andrew
International. McAleer & Rushe was represented by Stan Cooney Associates.



Contacts:

The British Land Company PLC
John Weston Smith                                     tel: [phone]
Tim Roberts                                           tel: [phone]

Finsbury
Edward Orlebar                                        tel: [phone]




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