Broadgate Refinancing

British Land Co PLC
02 March 2005


                                                                    2 March 2005

                             BROADGATE REFINANCING

The British Land Company PLC ("British Land") has today completed the £2.1
billion refinancing of the Broadgate Estate.

As a result of this transaction, Broadgate Financing PLC, a ring fenced
subsidiary of British Land, has issued £2.080 billion of bonds at an average
interest rate of 5.05%. The weighted average maturity of the new bonds is 20
years.

After repayment of existing debt previously securitised on the Estate, the costs
of closing out hedging arrangements and payment of transaction costs, the net
additional amount of financing raised from the transaction is approximately £500
million. British Land's future interest charges will be reduced by approximately
£13 million per year. Tighter pricing of the bonds has resulted in a £1 million
greater annual interest saving compared with the indicative amount announced on
21 January 2005.

The transaction will result in British Land incurring an exceptional accounting
charge against pre-tax profits in the second half of its financial year ending
31 March 2005 of some £180 million mainly due to the difference between the
redemption value and book/nominal value of its existing Broadgate debt. After
taxation, the impact on British Land's NNNAV, "triple net" asset value, that is
broadly NAV less the FRS13 disclosure and less contingent capital gains, is a
reduction of less than 3p per share. NAV will be reduced by 24p per share.

Commenting on the issue Nick Ritblat, a director of British Land, said:
"This major refinancing of the Broadgate Estate through the issue of over £2
billion of bonds has raised additional long term funding for British Land. The
financing secures the entire Broadgate Estate in a single enlarged
securitisation structure with improved prepayment provisions and sufficient
flexibility to address British Land's current business needs.

"The transaction reduces British Land's interest charge going forward and
extends the maturity of its borrowings whilst significantly improving the free
asset ratio."

Enquiries:

The British Land Company PLC

John Weston Smith                                        Tel.: [phone]
Nick Ritblat                                             Tel.: [phone]
Peter Clarke                                             Tel.: [phone]


Notes to editors:
The Broadgate Estate is the premier City of London office estate. It comprises
over 370,000 sq m (4.0 million sq ft) of office, retail and leisure
accommodation on a 12 hectare (30 acre) site adjoining Liverpool Street station
with mainline and underground rail connections. The assembly of the entire
estate into British Land's ownership was completed by the acquisition in March
2003 of the virtual freehold interest at 1 Appold Street. Construction of 10
Exchange Square, adding a further 15,180 sq m (163,400 sq ft) to the Estate, was
recently completed in May 2004. Broadgate Estates Limited, a wholly owned
subsidiary of British Land, manages the estate and maintains the external and
common areas. Approximately 30,000 employees are based at Broadgate, which forms
a distinctive environment for some of the world's largest corporations and
leading professional practices, including ABN AMRO, Allianz Dresdner, Ashurst
Morris Crisp, Barclays Bank, Baring Investment Services, Deutsche Bank, European
Bank for Reconstruction & Development (EBRD), F&C Management, Herbert Smith,
Lehman Brothers, Royal Bank of Scotland, Societe Generale, Sumitomo Trust, Bank
of Tokyo Mitsubishi and UBS.






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