Meadowhall Securitisation

British Land Co PLC
15 April 2003

                                                                   15 April 2003



                           Meadowhall Securitisation


The British Land Company PLC announces the sale by Meadowhall CMR Finance PLC, a
special purpose vehicle, of a further £50 million of bonds, securitising the
rental income from Meadowhall Shopping Centre, Sheffield. This is in addition to
the £825 million of bonds issued in November 2001.



The sale of the bonds has been enabled by the successful realisation of
additional income at Meadowhall Shopping Centre, through rent reviews and new
lettings.



The issue of the bonds coincides with the announcement by the Chancellor of the
Exchequer of the abolition of stamp duty in disadvantaged areas. Meadowhall
provided one of the main catalysts for the regeneration of the lower Don Valley
in Sheffield and provides employment for up to 7000 people on the site. It will
now benefit from the continuing status of the Don Valley as a disadvantaged
area. The stamp duty saving based on the 30th September 2002 valuation would be
in excess of £50 million. In addition, lease duty payable by tenants on new
leases is also expected to be exempted.



The weighted average interest rate of the total £875 million issue is 5.51% and
the weighted average maturity is 18 years.



The bonds were sold by Meadowhall CMR Finance PLC, a special purpose vehicle,
with the proceeds being on-lent to British Land.



The three tranches of bonds are fungible with the existing Class A1, Class B and
Class C Bonds issued by Meadowhall CMR Finance PLC in November 2001.


Class       Rating       % of Total Issue Original size of New issue     Original Issue   New Issue
                                          issue £m         size £m       spread           spread
Class A1    AAA/AAA      66%              550              30            66               47
Class B     A/A          18%              150              10            120              93
Class C     BBB/BBB      10%              75               10            185*             193*

Class A2    AAA/AAA      6%               50               -             35*              -



Class A2 and Class C bonds are floating rate, the * indicates a spread to LIBOR.
Class A1 and Class B are fixed rate and spreads are to the benchmark gilt.



Peter Clarke, Joint Head of Asset Management for British Land commented "This
additional fund raising continues British Land's strategy of leveraging its
portfolio with long-dated financing at competitive rates of interest. We have
now raised in aggregate £875 million from this securitisation, over 80% of our
original net purchase price. The additional income achieved from lettings and
rent reviews at Meadowhall underlines its continuing attractiveness to retailers
and shoppers alike."



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



Contacts:



The British Land Company PLC         Tel:  [phone]
Graham Roberts
Nick Ritblat
Peter Clarke



Finsbury                             Tel:  [phone]
Faeth Birch
Edward Orlebar


------------------------------------------------------------------------------



                                                                   15 April 2003

Meadowhall CMR Finance PLC



Meadowhall CMR Finance PLC ("Meadowhall CMR") has sold £50 million of bonds
supported by the cash flows from Meadowhall Shopping Centre, Sheffield.



Meadowhall CMR will on-lend the proceeds of the issue to a ring-fenced British
Land subsidiary in exchange for unsecured notes. Citigroup provided structuring
advice on the sale of the bonds.



The bonds are fungible with the existing Sterling Eurobonds issued by Meadowhall
CMR and will take the total issue size to £875 million. Payments of interest and
principal (where relevant) 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.



The Class A1 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 total £875 million is 5.51% and
the weighted average maturity is 18 years.









Meadowhall CMR                                Tel: [phone]
Bryan Needham



The British Land Company PLC                  Tel: [phone]
Graham Roberts
Nick Ritblat
Peter Clarke



Finsbury                                       Tel: [phone]
Faeth Birch
Edward Orlebar



                      This information is provided by RNS
            The company news service from the London Stock Exchange