Stmnt re BL Gazeley Letting

British Land Co PLC
28 September 2001


                                                    28th September 2001

                      HOT NEWS AT DELTA PARK, ENFIELD

BL Gazeley, the 50/50 joint venture between The British Land Company PLC and
Gazeley Properties, has agreed the first letting in the £8 million
speculatively-built first phase at Delta Park in Enfield.  The first phase of
the scheme comprises a terrace of four units totalling 8,172 sq m (87,962 sq
ft) set on a 8.94 hectare (22.1 acre) industrial and distribution site in
Millmarsh Lane, Enfield, Middlesex.

News International, publishers of The Sun and Times newspapers, has taken the
2,195 sq m (23,632 sq ft) Unit 1 on a 10 year lease at a rent of £83.42 per sq
m (£7.75 per sq ft).  The newspaper group will use the facility for the
storage and distribution of its newspapers in the South East region.

Delta Park is located in Brimsdown, the second largest industrial area in
London after Park Royal, with excellent links to the M25 (via the A10 Great
Cambridge Road) and the North Circular (A406).

In addition, Unit 2 consisting of 1,467 sq m (15,794 sq ft) is currently under
offer, leaving only 4,509 sq m (48,536 sq ft) of speculative accommodation
available in Phase 1.

Ultimately, BL Gazeley plans to develop 41,805 sq m (450,000 sq ft) of bespoke
industrial and distribution accommodation at Delta Park.  Design and build
packages are available for units ranging in size from 3,716 sq m (40,000 sq
ft) to 15,793 sq m (170,000 sq ft).

Commenting on the deal, Paul Weston, development director for Gazeley said:

'This first transaction to News International illustrates the attractiveness
of Delta Park to good quality covenants.  Delta Park offers occupiers
excellent accommodation and facilities at a prime, strategic M25 location.'

Tim Roberts, Joint Head of Asset Management at British Land comments:

'The letting to News International is a good start for the first phase.  In
addition, we have a cleared site, with planning consent, and an ability
through Gazeley's Fastrack procedure to deliver bespoke buildings of up to
15,793 sq m (170,000 sq ft) exceptionally quickly.'

Jones Lang LaSalle (020 7493 6040) and Holley Blake (020 7629 4171 are
retained letting agents.  Weatherall Green & Smith (020 7338 400) represented
News International.

Contacts

The British Land Company PLC

John Ritblat, Chairman                           tel: [phone]

John Weston Smith, Finance Director              tel: [phone]

NOTES TO EDITORS

BL Gazeley Ltd purchased Delta Park in Enfield for £13.5 million from Gazeley
Properties in August 2001.  It has also acquired the speculative first phase
of industrial accommodation at cost.

For further information about The British Land Company PLC, please visit
www.britishland.co.uk

For further information about Gazeley Properties; Delta Park, Enfield; Mill
Park, Thatcham; Ravensbank Business Park in Redditch or any of Gazeley's other
developments, please visit www.gazeley.com