Re Joint Venture

British Land Co PLC
15 October 2002

                                                               15th October 2002

                                 Cherrywood

The Boards of The British Land Company PLC and Dunloe Ewart plc announce that
following the rejection by shareholders of Dunloe Ewart of the resolution at the
Extraordinary General Meeting on 2 October 2002 to purchase British Land's 50
per cent interest in Cherrywood Properties Limited for €63.85 million, British
Land is exercising its rights under the terms of the joint venture agreement to
offer the lands at Cherrywood, Loughlinstown, Co Dublin owned by the joint
venture for sale to the market.

In the meantime, Dunloe Ewart and British Land will continue jointly to enhance
the continuing development of the site and to improve its value.



Contacts

The British Land Company PLC:
Cyril Metliss, Director                           tel: [phone]
 
Dunloe Ewart plc
Noel Smyth                                        tel:  [phone]


For further information about The British Land Company PLC, please visit
www.britishland.com




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