Restructure And Refinance of Tesco Joint Venture

British Land Co PLC
22 November 1999

TESCO AND BRITISH LAND RESTRUCTURE 
AND REFINANCE JOINT VENTURE


Tesco plc and The British Land Company PLC have restructured the Tesco British
Land Property Partnership by forming a joint venture holding company, Tesco BL
Holdings Limited, whose subsidiaries have acquired nine of the properties
formerly owned by the Partnership.  These properties comprise five Tesco
superstores, two retail parks, Lisnagelvin Shopping Centre, Londonderry and
Serpentine Green Shopping Centre, Peterborough, containing the largest Tesco
'Extra' store in the U.K.

Following the restructuring, the joint venture has raised a five year loan
extendable to seven years through WestLB in the sum of £210 million.

END












Contacts

John Ritblat, Chairman                           The British Land Company PLC
John Weston Smith, Finance Director              telephone [phone]

Robert Howell, Treasurer                         Tesco plc
                                                 telephone [phone]






JVECCBCNBDDDQDB