Director Shareholding

British Land Co PLC
17 July 2001

The British Land Company PLC announces the following directors' transactions
in the Company's securities:

On 17th July 2001, awards of the British Land 6% Subordinated Irrdeemable
Convertible Bonds, made on 17th July 1998 under the British Land Restricted
Share Plan, vested as set out below on attainment of the performance target.
The plan was approved by shareholders in General Meeting and its performance
target was approved by the Association of British Insurers and the National
Association of Pension Funds. The payments are subject to tax at 40% at
vesting.

Director                             £ nominal of 6% Bonds

J H Ritblat                          250,000
J H Weston Smith                     125,000
N S J Ritblat                        93,750
R E Bowden                           81,250



Messrs J H Ritblat and Weston Smith today sold their above released bond
awards at a price of £108 3/4 per cent and 114 days accrued interest.