Redemption of 6% Bonds

British Land Co PLC
10 June 2004

10th June 2004


              £150m 6% Subordinated Irredeemable Convertible Bonds
               Notice of Early Redemption and Possible Conversion

The British Land Company PLC announces that it intends to give notice on 22nd
June 2004 that it will redeem, at par, its £150 million 6% Subordinated
Irredeemable Convertible Bonds (the "Bonds").

In accordance with the terms of the Bonds, notice can be given by the Company if
the average Ordinary Share price attains 130% of the conversion price for a
30-day period. That target was met for the 30-day period ending on 8th June
2004.

The redemption date will be specified in the notice and will be not less than 30
days and not more than 90 days after the date of the notice.

Bondholders will continue to have the right to convert their Bonds into new
Ordinary Shares of the Company until seven days prior to the redemption date.

Full details of the action to be taken by Bondholders will be provided in the
notice.

Exercise in full of Bondholders' conversion rights would lead to the issue of 30
million new Ordinary Shares; the adjusted total issued share capital would be
518 million Ordinary Shares.

The Company expects that, at the current Ordinary Share price, Bondholders would
elect to convert. Bondholders' rights to convert into these Ordinary Shares is
fully reflected in the adjusted diluted net assets per share at 31st March 2004,
which increased in the financial year by 12% to 966 pence per share.

Application will be made for the 30 million new Ordinary Shares issued as a
result of the conversions to be admitted to the Official List of the UK Listing
Authority and to trading on the London Stock Exchange.


Contacts

The British Land Company PLC

Nick Ritblat              )  tel: [phone]
Graham Roberts            )  tel: [phone]
Peter Clarke              )  tel: [phone]

Finsbury Limited

Edward Orlebar            )  tel: [phone]


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