Pre-letting

British Land Co PLC
09 March 2004


                                                               9th March 2004



                   BRITISH LAND'S MAJOR CITY PRE-LETTING

Willis Group Holdings, the major global insurance broker, today confirmed that
it has agreed terms with British Land for a pre-letting of 51 Lime Street,
London EC3.  The development will be directly across from the Lloyd's
Underwriting centre and has been designed by Foster and Partners, and will
provide 420,000 sq ft of office space.

It is to be completed by the end of 2006 to meet Willis' timetable. British Land
will undertake the development in association  with Stanhope Plc.

John Ritblat, Chairman of British Land said:

"We are very pleased to have agreed terms with Willis for what will be a most
striking building giving Willis tremendous market and corporate profile.  It is
a vote of confidence in Lloyds and the City. It also endorses our policy of
securing the best sites in the City and offering occupiers buildings of the
highest quality. Our financial strength and track record of development
expertise makes us the ideal partner for Willis."

Joe Plumeri, Chairman of the Willis Group, said:

"This is a defining moment in Willis' history and every Willis Associate should
feel very proud!  Who could have imagined that within just a few years we would
have performed so well and grown so fast that we would be moving into what will
be one of London's most impressive landmarks?  The Willis Building will be truly
iconic, with a fantastic working environment and the latest technology.  It
meets all our needs, for today and the future.  By bringing all our London-based
Associates together, we will be able to work more efficiently, communicate
faster and reinforce our One Team approach.  And, it puts us precisely where we
belong - at the heart of the insurance capital of the world.  Along with Lloyds,
Willis will define the 'Insurance District."

ATIS REAL Weatheralls advised Willis throughout the search process. CWHB and DTZ
advised British Land.



CONTACTS

The British Land Company PLC
John Weston Smith                                       )  tel:  [phone]

Finsbury Limited
Faeth Birch                                             )  tel:  [phone]


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