Property Sale

British Land Co PLC
03 October 2005



                                                                  3 October 2005

£52 MILLION OF HIGH STREET PROPERTY SALES AND KEY LETTING TO MARKS & SPENCER AT
                              TEESSIDE SHOPPING PARK

British Land has sold profitably nine retail properties from its High Street
portfolio for a total of £52.25m.

The properties comprise five prime high street shops in Edinburgh, Aberdeen,
Kingston Upon Thames and Leeds which have been sold for a total of £33.59m
reflecting an average initial yield of 3.89%. Two in-town supermarkets have also
been sold, one let to Morrisons in Kidderminster, which has been sold for £7.47m
showing an initial yield of 4.5%, and the other let to Somerfield in Helston,
Cornwall, which has been sold for £4.1m showing an initial yield of 5.66%.
Finally, two short leaseholds in Birmingham and Newbury have been sold for £7.1m
reflecting an initial yield of 6.22%.

The sales are the results of an on-going review of the performance of each
property within the portfolio and the sub 4% yield achieved on the prime shops
reflects the continued buoyant market for retail investments. More sales from
the High Street portfolio are being planned.

In a separate asset management initiative, British Land has reached agreement
with Marks & Spencer for them to take a newly created 33,000 sq ft store at
Teesside Shopping Park. The opening, which is planned for the Spring of 2006,
will reaffirm Teesside's status as a regional Shopping Park.

The addition of Marks & Spencer to the 340,000 sq ft open A1 Shopping Park is a
major step forward and the store will be a significant draw for shoppers. The
letting is part of an on-going strategy of improving the tenant line-up and
therefore offering better choice to shoppers. In recent months lettings have
been agreed with other leading retailers such as Borders, Sportsworld and
T K Maxx, joining a retail line-up which already includes Next, Boots, Outfit,
PC World and W H Smith. In the process top rents achieved on the Park have moved
forward to £40 per sq ft.

Agents acting on the sales and the lettings, on behalf of British Land, were
Colliers CRE and Wilkinson Williams.

Contacts:

The British Land Company PLC 
John Weston Smith                                             020 7467 2899
Tim Roberts                                                   020 7467 2977

Finsbury
Gordon Simpson                                                020 7251 3801




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