Blythe Valley Park

British Land Co PLC
18 December 2003


     18th December 2003


    BRITISH LAND INCREASES ITS INTEREST IN BLYTHE VALLEY PARK DEVELOPMENT


The British Land Company PLC now has the majority interest in BVP Developments
Limited ("BVP"), the owner and developer of Blythe Valley Park in Solihull.


Since it was established in 1999, BVP has successfully developed and let some
36,200 sq.m (390,000 sq.ft) of primarily B1 office space in a landscaped park
with direct access from junction 4 of the M42.  Tenants include Centrica,
Logica, Ove Arup, Vodafone, Virgin Active, St James Place Capital PLC and Regus.
  The Park, which is being developed in partnership with Solihull Metropolitan
Borough Council, has consent for up to 111,500 sq.m (1.2m sq.ft).


BVP was formerly a 50/50 joint venture between British Land and ProLogis
Developments Limited. The change in ownership resulted from an issue of new
ordinary shares in BVP to British Land following the payment of a dividend of
£14.4 million to each of British Land and ProLogis Developments Limited.  In
addition British Land repaid an existing company loan provided by ProLogis to
BVP and assumes responsibility for ProLogis' share of existing third party
loans, totalling £30.3 million.  ProLogis has retained a very small minority
interest in the company.


Nigel Webb, British Land Head of Developments commented, "Blythe Valley Park is
a very successful development with significant further potential.  We look
forward to building upon the success achieved to date."


Robert Watson, President and Chief Operating Officer - Europe, commented, "This
transaction is in line with ProLogis' goal of concentrating its activities on
its core business of providing logistics facilities to major global customers."


Mark Glatman of Abstract Securities Limited negotiated this transaction on
behalf of ProLogis.


CONTACTS



The British Land Company PLC

John Weston Smith           )  tel: [phone]

Nigel Webb                  )  tel: [phone]



Finsbury Limited

Edward Orlebar              )  tel: [phone]

Faeth Birch                 )



ProLogis

Robert Watson               )  tel: [phone]


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