Issue of Debt

British Land Co PLC
28 November 2001


                                                         For Immediate Release
                                                              28 November 2001




                  SECURITISATION OF MEADOWHALL SHOPPING CENTRE


Further to the announcement of 12th November 2001, British Land announces the
launch of an £825 million multi-tranche bond offering, securitising the rental
income from the Meadowhall Shopping Centre, Sheffield. The offering is being
lead-managed by Morgan Stanley, The Royal Bank of Scotland and Schroder
Salomon Smith Barney and is expected to close on 5th December 2001.

The bonds will be issued by Meadowhall CMR Finance PLC, a newly established
special purpose vehicle, with the proceeds being on-lent to British Land.
Recourse for interest and capital payments is limited to rental receipts from
the Centre.

There are four tranches of bonds with expected final maturities ranging from 8
to 30 years. The Class A1 and A2 bonds have been rated AAA/AAA by Standard &
Poor's / Fitch; the Class B bonds have been rated A/A, and the Class C bonds
have been rated BBB/BBB. The weighted average interest rate of the bonds is
expected to be 5.51%, and the weighted average maturity will be 21 years. A
further £50m of bonds may be issued dependent on near-term income uplifts from
rent reviews and new lettings.

The proceeds will be used to refinance existing bank indebtedness and to
provide working capital for The British Land Group.

The Meadowhall Shopping Centre, located 3 miles from Sheffield City Centre, is
occupied by 280 tenants. The weighted average unexpired term of the leases is
currently 19.1 years, predominantly on fully repairing and insuring leases
with 5-yearly upward-only rent reviews.

Nick Ritblat, a Director of British Land commented, 'The securitisation of
Meadowhall continues British Land's policy of leveraging its portfolio with
long-dated financing at competitive rates of interest while retaining control,
ownership and future growth of its assets.'

This announcement should be read in conjunction with the attached announcement
from Meadowhall CMR Finance PLC.



Contacts:


The British Land Company PLC                           Tel: [phone]
John Weston Smith, Finance Director
Nick Ritblat, Director
Peter Clarke, Head of Asset Management


Finsbury                                               Tel: [phone]
Faeth Finnemore
Edward Orlebar



                                                         For Immediate Release
                                                              28 November 2001



                          MEADOWHALL CMR FINANCE PLC


Meadowhall CMR Finance PLC ('Meadowhall CMR') will issue £825 million of bonds
supported by the cash flows from the Meadowhall Shopping Centre, Sheffield.

Meadowhall CMR will on-lend the proceeds of the issue to a ring-fenced British
Land subsidiary in exchange for secured and unsecured notes.

Morgan Stanley, The Royal Bank of Scotland and Schroder Salomon Smith Barney
have structured the offering and are acting as lead managers and joint
bookrunners for the transaction.

The offering has been structured to comprise issues of medium - and
long-dated, fixed - and floating-rate Sterling eurobonds. Payments of interest
on all tranches, and the principal on certain tranches, will be made from
rental receipts from the Shopping Centre. A refinancing or sale of the
property will meet the payments of principal at maturity on the Class A1, B
and C Bonds.

There are four tranches of bonds with expected maturities ranging from 8 to 30
years. The Class A1 and A2 bonds have been rated AAA/AAA by Standard & Poor's
/ Fitch; the Class B bonds have been rated A/A, and the Class C bonds have
been rated BBB/BBB. The weighted average interest rate of the bonds is
expected to be 5.51%, and the weighted average maturity will be 21 years. A
further £50m of bonds may be issued dependent on near-term income uplifts from
rent reviews and new lettings.


Contacts:


The British Land Company PLC                            Tel: [phone]
John Weston Smith, Finance Director
Nick Ritblat, Director
Peter Clarke, Head of Asset Management


Morgan Stanley                                          Tel: [phone]
Timothy Drayson


The Royal Bank of Scotland                              Tel: [phone]
Mark Hickey


Schroder Salomon Smith Barney                           Tel: [phone]
William Cumming



1.   Details of Tranches


The tranches of the offering are set out below.


  Classes   Expected rating (S&P/  Amount  Size as % of total Notes   Expected
                    Fitch)                          issued
                                    (£m)                              Average
                                                                        life
A1 (Fixed)         AAA/AAA          550               67              22 years
    A2             AAA/AAA           50               6               5 years
(Floating)
 B (Fixed)           A/A            150               18              22 years
     C             BBB/BBB           75               9               6 years
(Floating)
                                    825              100



2.   Meadowhall Shopping Centre


The Meadowhall Centre (being part of the land and buildings situated south of
the River Don within the Meadowhall Ring Road known as the Meadowhall Shopping
Centre, and referred to in this document as the 'Shopping Centre XE 'Centre'
'), located approximately 3 miles from Sheffield city centre, is one of the
largest shopping centres in the United Kingdom in terms of gross lettable
floor area, ranking fourth on this measure.

The Shopping Centre is within a 60-minute drive-time of approximately 7.5
million people (the catchment area including Sheffield, Greater Manchester,
the Leeds and Bradford conurbation, Doncaster, Rotherham and the East
Midlands), with customer visits for the year 2000 showing a 3.6% visitor
increase on the previous year.

In January 2001, 90 retailers responded to an evaluation report sent out
following the Christmas trading period in 2000. Of these, 86 stated that their
store in the Shopping Centre is considered within their company's top 10
performing stores in the United Kingdom, with 56 of those retailers stating
that their store in the Shopping Centre is considered within their company's
top five performing stores in the United Kingdom.

The Shopping Centre stands on a site of approximately 103.3 acres, with both
northbound and southbound direct entry from junction 34 of the M1 motorway.
The Mortgaged Property offers approximately 9,600 free car parking spaces of
which approximately 7,600 are within decked car parks. A further 3,000 free
car parking spaces are currently available on an informal basis for occasional
use on land surrounding the Shopping Centre (which does not form part of the
Mortgaged Property). Adjacent to the Shopping Centre (but not forming part of
the Mortgaged Property) is a coach park, which is linked to the Shopping
Centre by a footbridge and currently provides space for up to 300 coaches on
an informal basis. A dedicated passenger transport interchange (the
'Interchange XE 'Interchange' ') adjacent to the Shopping Centre and forming
part of the Mortgaged Property, gives the Shopping Centre excellent public
transport links, with facilities for bus, train and Supertram services. The
Shopping Centre is on the routes of 60 local and regional bus services and the
Interchange can handle 192 buses per hour. There are four railway platforms
within the Interchange with up to 282 local/regional trains per day. The
Interchange also contains a dedicated terminus for the Supertram which links
major suburbs and the city centre to the Shopping Centre with 114 scheduled
departures per day.

The Shopping Centre comprises a fully enclosed two-level mall with a gross
built area of approximately 165,000 m2 and a gross lettable area of
approximately 132,000 m2. The Shopping Centre currently accommodates 202 unit
shops, 28 speciality kiosks, 21 mall kiosks, 27 restaurants / and other
catering unit kiosks, an 11-screen cinema and a family entertainment centre.
The Shopping Centre is anchored by 3 principal anchor stores: House of Fraser,
Debenhams and Marks & Spencer. Sainsbury's, Boots, WH Smith, Allders Home,
Next, Bhs and Hennes & Mauritz also occupy large stores.