Director Shareholding

British Land Co PLC
09 December 2003

The British Land Company PLC announces the following directors' transactions in
the Company's ordinary 25p shares.



On 8th December 2003, awards of The British Land Company's ordinary 25p shares,
made on 8th December 2000, under the British Land Restricted Share Plan, vested
as set out below on attainment of the performance target.


Director                                             Ordinary 25p shares

J H Ritblat                                          225,000
J H Weston Smith                                     112,500
N S J Ritblat                                        112,500
R E Bowden                                           112,500





Following this vesting, on 8th December 2003 J H Weston Smith sold 112,500
shares, R E Bowden sold 112,500 shares and N S J Ritblat sold 46,125 shares, all
at a price of 548.3p.



Also, on 8th December 2003, R E Bowden exercised options under the Company's
1984 Share Option Scheme over 80,800 shares (60,600 shares exercised at 380p per
share, and 20,200 shares at 322p per share).  He sold all 80,800 shares at a
price of 548.3p per share.





Further, on 8th December 2003, The British Land Share Ownership Plan purchased
260,000 ordinary shares of The British Land Company PLC at a price of 548.3p per
share.  The British Land Share Ownership Plan is a discretionary trust
established for the benefit of employees, including executive directors, of The
British Land Company PLC, to facilitate the operation of its share incentive
schemes.  Executive directors of the Company who are participants in these
schemes are consequently considered to be interested in the shares held by the
Trust, as discretionary beneficiaries.
















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