Securitisation

British Land Co PLC
12 November 2001




                                                            12th November 2001


                 SECURITISATION OF MEADOWHALL SHOPPING CENTRE


The British Land Company PLC has mandated Morgan Stanley, The Royal Bank of
Scotland and Schroder Salomon Smith Barney to lead-manage a multi-tranche
offering of bonds securitising the cashflows at the Meadowhall Shopping
Centre, Sheffield. The centre, which is owned by The British Land Group, is
one of the UK's six super-regional shopping centres.



The bonds will be issued by Meadowhall CMR Finance PLC, a UK special purpose
vehicle, with the proceeds being on-lent to The British Land Group.



The offering is expected to raise £850 - £875 million of which £800 - £825
million is being issued immediately. A reserve issue of approximately £50
million is expected to be marketed during 2002. The pre-marketing of the bonds
will commence shortly, with the issue formally launched within the next four
weeks.



As at 12th October 2001, the centre has been independently valued by CB
Hillier Parker at £1.28 billion.



Nick Ritblat, Director, said, 'The proposed securitisation follows the
successful completion of the current cycle of rent reviews at Meadowhall and
is in line with British Land's strategy of leveraging its portfolio with
long-dated, flexible financing at competitive rates of interest'.



Contacts:



The British Land Company PLC                              Tel: [phone]

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



Finsbury

Edward Orlebar                                            Tel: [phone]

Faeth Finnemore