Acquisition

British Land Co PLC
23 June 2006


                                                                   23 June 2006

        British Land acquires Partner's Share of BL Davidson Limited

The British Land Company PLC has exchanged contracts to acquire the outstanding
50% ownership of the BL Davidson joint venture.

British Land is purchasing for approximately £253 million the 50% shareholding
held by the Davidson family interests, in consideration for loan stock to be
issued by the Company. Completion is expected in August.

The joint venture was formed in 2001 by British Land and the Davidson family
interests to acquire Asda Property Holdings Limited, an established and
successful property investment company built up by Manny Davidson over many
years. It specialises primarily in Retail Parks - the overwhelming majority of
which are in Open A1 Retail - and Central London offices. The current investment
portfolio has a value of over £700 million.

Contacts

The British Land Company PLC
Bob Bowden                                                     020 7467 2892
Graham Roberts                                                 020 7467 2948
Laura de Vere                                                  020 7467 2920

Finsbury
Faeth Birch                                                    020 7251 3801




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