Securitisation

British Land Co PLC
29 May 2001



For immediate release
29 May 2001



                         The British Land Company PLC
                               ('British Land')

           Securitisation of 35 supermarkets leased to Sainsbury's



British Land announces that UBS Warburg has been mandated to lead manage a
multi-tranche offering of bonds securitising the cashflows on 35 supermarkets
owned by The British Land Group and leased to Sainsbury's.

The bonds will be issued by Werretown Supermarkets Securitisations plc, a UK
special purpose vehicle established solely for this purpose, with the proceeds
being on-lent to The British Land Group.

The offering is expected to raise £550-600 million. The pre-marketing of the
bonds is expected to commence immediately, with the issue formally launched
once the pre-marketing period has been completed.



Contacts:


The British Land Company PLC                      Tel: [phone]
John Ritblat, Chairman
John Weston-Smith, Finance Director
UBS Warburg Ltd.                                  Tel: [phone]
Caroline Philips / David Newby
Edmund Craston