Share Buyback

British Land Co PLC
05 July 2007


British Land Share Buyback



British Land has today repurchased a total of 1,000,000 shares at an average
price of 1,369.8p per share.  British Land expects to make further purchases,
together totalling up to £250million over the next 12 months.



Stephen Hester, British Land Chief Executive, commented: "We are focussed on
shareholder value and generally expect to deploy our capital in physical assets
from which to target superior returns relative to peers.  However, we believe
the gap that has recently opened between sector share prices and real asset
values is too gloomy in its implied view of our prospects.



"We continue to see profitable opportunities to invest capital, both in our
development programme and selective asset acquisitions and will press ahead with
these as they arise.  We have also completed or contracted on well over
£1billion of asset sales since our March 31 fiscal year end with more in the
pipeline.  This follows £3.7billion of asset recycling last year.  Our REIT
status is a significant value creator in both purchases and sales which we will
continue to leverage.



"Our balance sheet remains efficient and our property sales allow us capacity to
profitably reinvest in our business both directly and via the share repurchases
we are announcing today.  We intend to remain flexible in relation to the timing
and amount of share buybacks, taking account, inter alia, of our share price,
property market conditions, balance sheet leverage and competing investment
opportunities.



"British Land's regular dividend payments (now paid quarterly) are running at a
level nearly 100% above 2005/6 and we expect to grow these progressively too."



Notes to Editors

  • Following the purchase of these shares, which will be held in treasury,
    British Land will have 520,626,719 shares in issue (excluding treasury
    shares) and 1,000,000 shares in treasury.  The highest price paid per share
    for today's purchases was 1,382p and the lowest price was 1,360p.



  • British Land is the largest UK REIT by assets (£16.9billion) with total
    assets under management £21.3billion, as at March 31, 2007.



  • The portfolio, focused on the growth sectors of London Offices and Out of
    Town Retail, has the longest leases and occupancy rates amongst the highest
    of the major UK REITs.  Retail assets account for 56 per cent of the
    portfolio, 80 per cent of which is in prime out of town locations.  Offices
    account for 41 per cent of the portfolio of which 97 per cent is London
    based and includes a £4billion office development pipeline coming to
    fruition between now and 2011.



For further information:

British Land

Media: Laura De Vere - 020 7467 2920/mobile [phone]

Investors: Amanda Jones - 020 7467 2946/mobile [phone]

Finsbury: Ed Simpkins 020 7251 3801/mobile [phone]



                                                           Ends



Date:  Thursday 5 July, 2007


                      This information is provided by RNS
            The company news service from the London Stock Exchange