Substantial Interest

British Land Co PLC
2 November 2000

The British Land Company PLC announces that it received notification on 1st
November 2000, pursuant to sections 198-202 of the Companies Act 1985, that
Merrill Lynch & Co, Inc's aggregate interest in the Company is 57,388,019
ordinary 25p shares, representing 11.08% of the issued share capital of the
Company.  Details of this disclosure of interest by Merrill Lynch are as
follows:

ML Invest plc, ML Invest Holdings Limited and ML Invest, Inc are certain
holding companies of Merrill Lynch Investment Management Limited ('MLIM') and
have interests, through MLIM, in the share capital of the Company as follows:

Registered Holder:                                  Number of Shares
Nutraco Nominees Limited                            44,838,337
Mercury Life Nominees Limited A/C Noncert           439,716
Merrill Lynch Pensions Nominees Limited A/C Logica  102,763
Stamford Nominees Limited                           41,010
Stamford Nominees Limited A/C Charty                49,000
Other Names                                         10,732,322

Merrill Lynch Group, Inc and Merrill Lynch & Co., Inc., which are holding
companies of MLIM and of certain other companies, have interests in aggregate
in the relevant share capital of the Company as follows:

Merrill Lynch Group, Inc                             56,493,671 shares
Merrill Lynch & Co., Inc                             57,388,019 shares