Superstore Refinancing

British Land Co PLC
28 February 2006

    
                                                            28 February 2006



British Land completes £753m superstore refinancing at average interest rate of
                                  less than 5%


The British Land Company PLC ('British Land') has today completed the £753
million refinancing of its securitised superstore portfolio.

As a result of the transaction, BL Superstores Finance PLC has issued £753
million of bonds at an average interest rate of 4.96%. The weighted average life
of the new bonds is 13.4 years.

After recent significant property disposals and the repayment of bank facilities
British Land has closed out derivatives in order to maintain, in line with its
interest rate policy, an appropriate balance of fixed and floating rate debt.

These actions result in British Land's interest charge reducing by £11 million
per annum. The Company will incur an exceptional accounting charge against
pre-tax profits in the final quarter of its financial year ending 31 March 2006
of some £122 million. The weighted average cost of debt is reduced from 5.92% to
5.67% on a proforma basis as of 31 December 2005 with weighted average debt
maturity unchanged at 13.7 years. Adjusted NAV is reduced by 16 pence per share,
NNNAV by 2 pence per share.


Contacts

The British Land Company PLC:
Graham Roberts, Finance Director                         Tel: [phone]
Peter Clarke, Executive Officer                          Tel: [phone]

Finsbury
Edward Orlebar                                           Tel: [phone]



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