Investment Proposal Unveiled

British Land Co PLC
24 April 2007


                    MEADOWHALL INVESTMENT PROPOSAL UNVEILED

British Land has unveiled investment partner proposals for its regional shopping
centre, Meadowhall, in Sheffield.

Investors have the opportunity to acquire a stake in the Centre while British
Land expects to remain the largest individual investor. It will also act as Fund
and Property Asset Manager.

Bob Bowden, British Land Investment Director said: "Meadowhall is the jewel
among shopping centres, ranked by many as one of the UK's top three. Its
enduring appeal to retailers, based on an exceptional shopping catchment area,
is unique. We have invested £90 million since 2005, updating and extending the
Centre which will further drive shopper demand. We expect to remain major
investors, whilst the capital element realised will be recycled into our £4
billion development pipeline."

British Land signalled last year that it intended to seek one or more investment
partners for Meadowhall - one of only six out-of-town super regional shopping
centres in the UK - once it had converted to REIT status. British Land has now
appointed agents Jones Lang LaSalle, Colliers CRE and Smith Young to market the
investment proposal.

British Land's retail portfolio is valued at circa £10 billion with Meadowhall
being the largest single retail asset. The shopping centre first opened in
September 1990. The Centre, together with certain adjoining assets, is valued at
just under £1.7 billion. Annual net rental income is in excess of £70 million
per annum. ERV is in the order of £83 million per annum. Rents have grown from
circa £48 million when the Centre was acquired in 1999.


Notes to Editors:

   •Meadowhall is home to some of the most established international and
    national retailers in the country including House of Fraser, Debenhams,
    Marks & Spencer and Next. Primark opens in August. Average unexpired lease
    length is almost 15 years. For 80 per cent of the multiple retailers at
    Meadowhall, their unit is in the top 10 performing outlets for their
    company.

   •The shopping centre has 1.5 million sq ft of space comprising 270 retail
    units, including 10 anchor stores, 209 shop units, 30 catering units and an
    11 screen cinema.

   •Visitor numbers average 24 million per year.

   •The six out-of-town super regional shopping centres in the UK are
    Meadowhall, Bluewater, Trafford, MetroCentre, Lakeside and Merry Hill.
   •British Land has undertaken more than £7 billion of capital recycling in
    the last two years as the company reviewed assets and sharpened its sectoral
    focus on London Offices and Out-of-Town Retail.


Date: 24 April 2007


Further information:

Laura De Vere,       Director Corporate Communications        tel: [phone]
The British Land Company PLC                               mobile: [phone]


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