Spanish Retail Investment

British Land Co PLC
12 March 2007

                                                                   12 March 2007

        LARGEST SPANISH OUT OF TOWN RETAIL INVESTMENT TRANSACTION AGREED

British Land and the closed-end fund PREF have formed a joint venture to acquire
a prime regional shopping centre and retail park in Murcia, Spain for circa €350
million from Deparcom (a joint venture between Eroski and Grupo Trusam).
Completion of the transaction is anticipated before the summer following
satisfactory due diligence.

Known as Nueva Condomina and located in the city of Murcia, south eastern Spain,
the 120,000m2 scheme encompasses a 60,200m2 two-storey enclosed shopping centre
and a 44,400m2 retail park. The shopping centre includes a 15 screen multiplex
and a 13,700m2 Hypermarket. There is dedicated parking for 6,500 cars.

The shopping centre opened in September last year and the retail park completes
during March. Both the centre and the park are 96 per cent let. Tenants include
all the Inditex brands, Primark, FNAC, H&M, Leroy Merlin and Media Markt. Eroski
will owner-occupy the hypermarket.

Valentine Beresford, British Land said: "Prime out-of-town retail developments
of this standard are becoming very rare in Spain and there is clear evidence
that more international retailers are pushing into the country which will bode
well for real rental growth. This scheme is well let and can be enhanced further
by our asset management team. The investment delivers critical mass in the
Spanish market when added to the Puerto Venecia, Zaragoza development and our
other Iberian-based PREF assets.

"With the completion of this transaction, PREF has more than achieved its mid
2007 target of acquiring or contracting on a portfolio in excess of €1 billion
which makes PREF the largest owner of out-of-town retail parks in western Europe
with a contracted or acquired portfolio of over 464,000 m2. We are very pleased
with the quality and diversity provided by the locations of our 19 assets and we
continue to actively seek further opportunities."

Cushman Wakefield advised British Land and PREF

Notes to editors:

British Land's interests in Europe include retail parks in Spain, Italy,
Portugal, Belgium, Switzerland and France through its property advisor role and
40 per cent holding in PREF. Assets owned and committed in PREF total some €744
million.

Puerto Venecia, Zaragoza, is 2.1 million sq ft retail and leisure scheme being
developed through a joint venture between British Land, a group of European
private investors and the Spanish construction company Copcisa Corp.

PREF (The Pillar Retail Europark Fund) is a seven year closed-end fund created
in 2004 investing in out-of-town retail parks in the Eurozone. PREF is advised
by British Land European Fund Management, a partnership between British Land and
Doric Properties Ltd.

PREF's Iberian based assets are: Portugal - Portimao Retail Park, Portimao;
Aveiro Retail Park, Aveiro; Sintra Retail Park, Lisbon. Spain - Nassica Retail &
Leisure Park, Madrid; PC City Unit, Madrid and Palma de Mallorca.

The regional catchment for Nueva Condomina is circa 2.5 million people within 60
minutes.

Nueva Condomina retailers include Zara, Massimo Dutti, Bershka, Primark, H&M as
well as other notable brands, Benetton, Etam, and Cortefeil.

The retail park has strong trading DIY, electrical and furniture stores
including: Leroy Merlin, Media Markt, Conforama and Forum.


Media Enquires:

British Land: Laura De Vere, Tel: [phone]/Mobile: + 44 (0)7739 292920

PREF: Financial Dynamics Dido Laurimore, Tel: [phone]




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