B L Universal & Asda - Plan for the Beehive Centre

British Land Co PLC
8 March 2000


B L UNIVERSAL AND ASDA ANNOUNCE PLANS FOR 
THE BEEHIVE CENTRE
£Multi Million Investment to Provide Improved Shopping Facilities
and Job Opportunities

ASDA Stores Limited has exchanged contracts with B L Universal (BLU), the
joint venture company of The British Land Company PLC and The Great Universal
Stores PLC, to occupy the redeveloped Co-op store in the Beehive Centre,
Cambridge.

BLU acquired the Beehive Centre, a 280,000 sq ft shopping centre occupied by
Homebase, Currys, Power House, Allied Carpets, Carpetright and others, from
Co-operative Retail Services Limited (CRS) in December 1998.  It has been
known for some time that CRS are due to close their Living and Pioneer Food
Stores in March this year.

BLU submitted a detailed planning application in October 1999 to re-build a
70,000 sq ft store in place of the CRS units and to upgrade the existing car
park, to enhance bus, cycle and pedestrian facilities, and to improve common
areas including lighting, signage and landscaping.  In addition, an Outline
Planning Application for further improvements and additional retail space has
been submitted.  In total, this represents a £15 million investment for the
City of Cambridge.

The new store will provide customers with a wide range of high quality goods,
including a specialist range of fresh food counters and the popular George
clothing range.

ASDA sees the proposed redevelopment as an opportunity to bring ASDA value to
Cambridge and encourage further competition.  In addition, the store will
provide 350 local job opportunities.

Richard Frank, Senior Development Surveyor for ASDA said: 'We have sought
representation in the area for some time and are delighted at the prospect of
opening our first store in Cambridge.  Customers will benefit from increased
choice, better value and ASDA's legendary customer service.  Unlike the
competition, ASDA's prices are consistent throughout the country and we are
confident that shoppers will notice a very real difference on their weekly
shopping bill.'

Adrian Penfold, Head of Planning and Environment at British Land, said: 'We
are delighted to develop our relationship with ASDA in this way.  We are also
proposing a number of other major improvements at the Beehive Centre to widen
its attractions to shoppers in Cambridge'.
Discussions with the City Council are proceeding well and it is anticipated
the planning application will be considered at the April Planning Committee. 
Subject to consent, it is hoped that the new ASDA store will be open early in
2001.


Contacts

Natisha Fodor                               ASDA Stores Ltd.
                                            0113-241-8171

John Ritblat, Chairman                    The British Land Company PLC
John Weston Smith, Finance Director       0171-486-4466