6.5% Convertible Bonds

British Land Co PLC
16 May 2002

                                                                     16 May 2002



                         The British Land Company  PLC

 6.5% Convertible Bonds due 2007 - Notice of early redemption at the option of
                                  the Company

British Land announces that notice is being given today to Bondholders to redeem
the 6.5% Convertible Bonds due 2007.

In accordance with Condition 7(c) of the Terms and Conditions of the Bonds the
Company has elected to redeem and cancel all of the outstanding Bonds on 24 June
2002 (the "Redemption Date") at their principal amount together with interest
accrued to the Redemption Date.

As of the date of the notice, the aggregate principal amount of the Bonds
outstanding is £323,000,000. The number of ordinary shares that would be issued
on conversion is 48.1 million at a conversion price of 672p per share.

Nick Ritblat, Director, said, "The refinancing of the Convertible Bonds from the
Company's existing committed facilities continues British Land's strategy of
actively managing its liabilities. It will create an interest saving of £5.3
million on an annualised basis and will further reduce the Group's pro forma
overall cost of debt from 6.62% to 6.50%".

Contacts:

The British Land Company PLC                               Tel: [phone]
Nick Ritblat, Director
Peter Clarke, Head of Asset Management

Finsbury
Tel: [phone]
Faeth Finnemore
Edward Orlebar



                      This information is provided by RNS
            The company news service from the London Stock Exchange