Property Sale

British Land Co PLC
18 November 2005


                                                                18 November 2005


              New Star Acquires Heathrow Gateway From British Land

New Star Property Unit Trust has acquired The British Land Company PLC's
successful Heathrow Gateway development in Feltham, near Heathrow Airport, for
in excess of £65million.

British Land developed the first 219,939 sq ft unit, which was pre-let to
Consignia PLC at £7.75 per sq ft in 2002, and subsequently developed
speculatively the second phase 126,958 sq ft unit, which was let prior to
practical completion to Eagle Global Logistics at £11.20 per sq ft. There is an
outstanding rent review in respect of the Royal Mail unit which is expected to
provide a substantial rental uplift.

A final phase, comprising a 93,500 sq ft unit, was also developed speculatively
and sold to an owner occupier in July of this year.

King Sturge acted for British Land and Rogers Chapman acted for New Star.



Contacts

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




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