Property Sale

British Land Co PLC
23 March 2006



                                                                23rd March 2006

                British Land sells Plantation Place, London, EC3

The British Land Company PLC announces the sale of One Plantation Place Property
Unit Trust for £527 million. The Unit Trust owns the freehold interest in One
Plantation Place.

British Land developed this 550,000 square feet building which was completed in
2004. It is fully let to tenants Accenture, Wachovia Bank, Aspen Insurance and
Royal & Sun Alliance and produces an income, after rent guarantees to cover rent
free periods, of £27 million per annum.

The purchaser is a consortium of Tishman International and Clients of Insight
Investment Management.

Bob Bowden, Property Investment Director of British Land commented -

'Whilst we have been bullish for sometime about the prospects for rental growth
in the City, this sale enables us to take a development profit at a price that
exceeds the 31st December valuation and enables us to recycle capital into
further Central London developments; these are 822,000 square feet at 201
Bishopsgate and 127,000 square feet at Ludgate West where development has
commenced coupled with the recent purchase of the units in Ropemaker Place
Property Unit Trust which owns the freehold interest of Ropemaker Place, a
cleared site, with full planning consent for 511,000 square feet.'

British Land were advised by Jones Lang LaSalle and the purchaser by Morgan
Consulting.


Contact:

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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