Sale of Retail Park

British Land Co PLC
07 March 2006


                                                                    7 March 2006



      British Land sells Auldhouse Retail Park, Glasgow for £39.8 Million


The British Land Company PLC ('British Land') has completed the disposal of
Auldhouse Retail Park, Glasgow for £39.8 million to AXA REIM UK Limited.

Located in the Pollockshaws district of Glasgow five miles south of the city
centre and close to Junction 1 and 2 of the M77, the scheme comprises 118,000 sq
ft (10,962 sq m) of retail accommodation with an open A1 non-food (partially
restricted) planning consent. The tenant line-up includes a number of national
retail brands including Homebase, Carpetright, MFI, Powerhouse, Harry Corry,
Linda Reid and Comet. Planning consent has also been obtained to increase the
park by a further 20,000 sq ft (1,858 sq m).

Commenting on the transaction, Darren Richards of British Land said:

"The disposal of this park follows a recent strategic review of our retail park
portfolio and we are delighted that the transaction has now completed with AXA."

Montagu Evans acted on behalf of British Land and Donaldsons acted on behalf of
AXA REIM UK Ltd.



Contacts:

The British Land Company PLC:
Andrew Jones, Co-Head of Asset Management                 Tel: [phone]

Finsbury:
Edward Orlebar                                            Tel: [phone]




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