Sale of Property

British Land Co PLC
17 November 2005


                                                                17 November 2005

                      British Land Sells 1 Fleet Place EC4
                           After Restructuring Lease

British Land has completed the profitable sale of the 999 year lease of 1 Fleet
Place, Ludgate, London EC4 for £119.5 million to the Legal & General Assurance
Society. British Land had restructured the lease to the principal tenant, Denton
Wilde Sapte, for a term of 20 years without break at an average office rent of
£36 per sq ft. The price shows an initial yield to the purchaser after full
acquisition costs of 5%.

Bob Bowden, Property Investment Director of British Land, commented:

"We are delighted with this price which resulted from strong competition from a
number of potential purchasers and the sale is simply a matter of taking profits
after a beneficial lease renegotiation and allowing us to recycle capital into
other City projects."

Mark Creedy of Legal & General commented:

"Our Linked Life Fund has been growing strongly and was underexposed to the
Central London office market. 1 Fleet Place is a modern well-let building with
attractive income growth potential when rent reviews occur in 2008."



Contacts

The British Land Company PLC:
Robert Bowden                                     tel: [phone]
John Weston Smith                                 tel: [phone]

Finsbury:
Edward Orlebar                                    tel: [phone]

Legal & General Property Ltd:
Mark Creedy                                       tel. [phone]




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