Broadgate Refinancing

British Land Co PLC
09 February 2005



                                                               9th February 2005



                             Broadgate Refinancing

British Land is pleased to announce that sufficient irrevocable acceptances have
now been received in respect of each of the classes of Bonds issued by Morgan
Stanley Mortgage Finance (Broadgate) PLC to ensure that all the resolutions will
be passed at the Bondholder meetings to be held on 14th February 2005.

A copy of today's announcement by Morgan Stanley Mortgage Finance (Broadgate)
PLC, containing further details, is attached.



Enquiries:

The British Land Company PLC:

John Weston Smith                                             Tel: [phone]
Nick Ritblat                                                  Tel: [phone]
Peter Clarke                                                  Tel: [phone]





                             BROADGATE REFINANCING

                  NOTICE RELATING TO THE CONSENT SOLICITATION
                                       by
                Morgan Stanley Mortgage Finance (Broadgate) PLC
(incorporated with limited liability in England and Wales with registered number
                                    3727042)
     relating to amendments to the terms and conditions of the outstanding
   £310,000,000 Class A2 5.927 per cent. Bonds due 2031 (ISIN: XS0097503550)
   £150,000,000 Class A3 5.912 per cent. Bonds due 2033 (ISIN: XS0097504012)
    £225,000,000 Class B 6.287 per cent. Bonds due 2033 (ISIN: XS0097504285)
   £175,000,000 Class C2 6.651 per cent. Bonds due 2038 (ISIN: XS0097505415)

Following the consent solicitation made to Existing Fixed Rate Bondholders (the
"Solicitation") in connection with the refinancing of the securitisation of
properties in the Broadgate Estate on the terms set out in the consent
solicitation document of Morgan Stanley Mortgage Finance (Broadgate) PLC
("MSMF") dated 21 January 2005 (the "Consent Solicitation Document"), as at 7
February 2005 (being the Early Solicitation Deadline), MSMF has received the
requisite number of irrevocable positive votes from each of the Class A2, A3, B
and C2 Existing Fixed Rate Bondholders necessary to pass the relevant
Extraordinary Resolutions for each Class to be proposed at the Meetings for each
Class of Bondholders scheduled to take place on 14 February 2005.

Defined terms used in this announcement have the same meaning as given to them
in the Consent Solicitation Document.
Should you have any questions regarding this notice you may contact Morgan
Stanley & Co. International Limited, as sole Solicitation Agent in connection
with the Solicitation, as follows:

                   Morgan Stanley & Co. International Limited
                                25 Cabot Square
                                  Canary Wharf
                                 London E14 4QA
                         Call Collect: [phone]
              E-mail: [e-mail]
This notice has been approved by, and is the sole responsibility of, Morgan
Stanley Mortgage Finance (Broadgate) PLC, and has been approved by Morgan
Stanley & Co. International Limited ("Morgan Stanley") solely for the purposes
of section 21 of the Financial Services and Markets Act 2000 of the United
Kingdom. Morgan Stanley is acting for The British Land Company PLC and Morgan
Stanley Mortgage Finance (Broadgate) PLC and no-one else and will not be
responsible for providing to any other person the protections afforded to
clients of Morgan Stanley or for providing advice in relation to the Proposals.
Under no circumstances shall this notice constitute an offer to sell or the
solicitation of an offer to buy or subscribe for Bonds.

Date: 9 February 2005



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