Purchase of Unsecured Bonds

British Land Co PLC
26 April 2001

For immediate release
26 April 2001

                The British Land Company PLC ('British Land')

        £150,000,000 12.5 per cent. Bonds due 2016 (the '2016 Bonds')

                                     and

        £150,000,000 8.875 per cent. Bonds due 2023 (the '2023 Bonds')



Purchase Prices for the Bonds

British Land announces that the Purchase Prices for the Bonds have now been
fixed following the publication of Notices to Bondholders this morning in
accordance with the revised terms of the Bonds.

The Purchase Prices have been set as follows:

                        Price excluding                Price including
                        accrued interest               accrued interest
                              (£)                            (£)
2016 Bonds                  148.599                        149.849
2023 Bonds                  119.647                        120.534

NOTE: Prices are quoted per £100 nominal

Settlement will occur on 1 May 2001. Payment of the Purchase Prices will be
made by the paying agents against presentation of the Bonds on or after this
date.

Each Bond has £150 million nominal outstanding, a total of £300 million.
Excluding accrued interest, British Land will pay a total of £402.4 million to
purchase the Bonds at the Purchase Prices, a premium of £102.4 million to the
nominal value of the Bonds. This premium is significantly less than would have
been payable if the Bonds had been redeemed under their previous conditions.

As previously announced, the premium is partially offset by a profit of £20.3
million which has been realised in closing out derivative contracts associated
with the Bonds. Inclusive of costs, there will be a pre-tax exceptional charge
of approximately £83.6 million related to this transaction which will be
accounted for in the financial year ended 31 March 2001. This equates to a
one-off reduction in fully diluted NAV of 14 pence per share, prior to any tax
relief being recognised.

Commenting on the transaction, John Weston Smith, Finance Director of British
Land, said:

'The purchase of the Bonds represents an excellent outcome for British Land
shareholders, who will benefit from the ongoing interest savings and reduction
in FRS 13 liability. At the same time Bondholders have been able to exit their
investment at an appropriate premium.'

Delisting

Following the purchase of the Bonds, British Land will apply to the UK Listing
Authority and to the London Stock Exchange for the cancellation of the listing
of the Bonds and their admission to trading on the London Stock Exchange to
take effect not earlier than 20 business days from the date of this
announcement.



Contacts:
The British Land Company PLC                  Tel: [phone]
N S J Ritblat, Director
UBS Warburg Ltd.                              Tel: [phone]
Frank Kennedy
Edmund Craston



END