Acquisition

British Land Co PLC
25 February 2002



25th February 2002


             BRITISH LAND SIGNS £50 MILLION PLUS SWINDON DEAL WITH
                                 ASDA WAL-MART



British Land today announced that it has completed contracts with ASDA
Wal-Mart for the forward purchase of approximately 200,000 sq ft of A1
non-food retail and leisure accommodation at the Orbital Shopping Park in
Haydon, north Swindon.


British Land has completed the purchase of the freehold site and will pay an
additional sum on practical completion depending on the final income.  The
buyout yield on the hardcore income is around 6.5% and the anticipated final
commitment will be around £53 million.


Prior to completing the transaction ASDA Wal-Mart secured pre lets on 75% of the
accommodation to national retailers such as Homebase, Comet, Next and JJB
Sports.  Strong interest is being shown on the remaining units at rents in
excess of £25 per sq ft. The development is timetabled for completion in October
this year.


The Orbital Shopping Park is part of a district centre containing the first
purpose built 150,000 sq ft ASDA Wal-Mart Supercentre, which opened on November
26th 2001.  A library, police station and community square are also included
within the development.  The site is accessed via the new Orbital Link Road.


Mark Turner, Senior Development Surveyor for ASDA Wal-Mart said: "The Orbital
Shopping Park was put firmly on the map when our Supercentre opened its doors in
November last year.  This has led to a wide variety of interest in the new units
from numerous quality retailers as today's announcement illustrates."


Tim Roberts, joint Head of Asset Management at British Land said: "We are
pleased to have worked with ASDA Wal-mart to help secure a prime destination
shopping park.  With an open planning consent and strong retailer demand from
high street retailers we envisage good rental growth."


Harvey Spack Field provided investment advice for British Land and Colliers CRE
advised ASDA Wal-Mart.




Contacts



The British Land Company PLC:               John Weston Smith, Finance Director.

                                                       Tel: [phone]



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