Director Shareholding

British Land Co PLC
3 September 2001


The British Land Company PLC announces that Mr N S J Ritblat, a director of
the company, exercised an option on 31 August 2001, under the Company's Save
as you Earn Share Option Scheme, over 3,204 Ordinary Shares of 25p each of the
Company, at a price of 323p per share.

The British Land Company PLC also announces the following grants, effective
1st September 2001, to directors of the company, of options over Ordinary
Shares of 25p each of the Company under its Save as you Earn Share Option
Scheme. All options are granted at an exercise price of 399p per share.

Name                  Number of shares          Exercise period

N S J Ritblat         1,456                     1.9.04     - 28.2.05
R E Bowden            2,427                     1.9.04     - 28.2.05