6% Bonds redemption

British Land Co PLC
02 August 2004



                          The British Land Company PLC
                                                               ISIN
£150,000,000 6 per cent. Subordinated            XS0049552697 (bearer form)
Irredeemable Convertible Bonds (the "Bonds")     GB0001363927 (registered form)

The British Land Company PLC announces that, subsequent to the publication of a
notice to the holders of the Bonds regarding the proposed redemption of the
Bonds on 2 August 2004, all Bonds have been converted into Ordinary Shares of
The British Land Company PLC in accordance with their terms and conditions.
Following the conversion the issued ordinary share capital of The British Land
Company PLC is 518,008,678.

2 August 2004




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