Issue of Debt

British Land Co PLC
24 November 2006

                                                                24 November 2006

 BRITISH LAND ANNOUNCES FURTHER DEBENTURE RESTRUCTURING REDUCING GROUP INTEREST
                               COST BY £2 MILLION



The British Land Company PLC announces a further restructuring of its existing
£25 million 9.375% 2028 Debentures and £42 million 8.875% 2035 Debentures. The
proposed transaction refinances the last of British Land's legacy high coupon
debentures replacing them with a new 5.0055% amortising 2035 debenture.

Following the restructuring:

-British Land's annual interest costs will be reduced by approximately
 £2 million
-British Land's average weighted cost of debt will reduce from 5.46%
 to 5.41%
-British Land will incur a pre-tax exceptional charge of approximately
 £39 million mainly due to the difference between the redemption value and book
 value of the legacy high coupon debentures
-EPRA adjusted NAV will be reduced by 5 pence per share; there will be
 virtually no effect on NNNAV

Details of the terms of the proposed transaction have been agreed by holders
representing 99.6% of the aggregate principal amount outstanding of the 9.375%
2028 and 8.875% 2035 debentures. A Consent Solicitation Document dated 24
November 2006 is being sent to holders.

Enquiries

The British Land Company PLC
Graham Roberts, Finance Director                 Tel.: [phone]
Peter Clarke, Executive Officer                  Tel.: [phone]

The Royal Bank of Scotland plc
Andrew Burton, Head of Liability Management      Tel.: [phone]
Robert St.John, Managing Director                Tel.: [phone]

The Bank of New York
Sarah Taylor, Assistant Vice President           Tel.: [phone]

Media Enquiries
Laura de Vere, The British Land Company PLC      Tel: [phone]

Finsbury
Gordon Simpson                                   Tel.: [phone]



Notes      

Throughout the announcement, calculations are based on current market pricing
and the financial effects of the Proposed Transaction on British Land are stated
on a pro forma basis as though it were completed on 30 September 2006.

It is proposed to redeem the 9.375% 2028 Debentures at the semi-annual yield of
the 6% Government Benchmark due December 2028 plus 0.85% and the 8.875% 2035
Debentures at the semi-annual yield of the 4.25% Government Benchmark due March
2036 plus 0.90%. Holders will receive new 5.0055% amortising debentures in the
same principal amount as their existing holdings plus a cash payment to
compensate for the value of the mark to market premium on their existing
debentures. Holders will have the opportunity to earn an Early Submission Fee.
The Early Submission Fees are the exact equivalent to the Amendment Fees
foregone by the holders of the 9.375% 2028 debentures and the 8.875% 2035
debentures in their election of Option B in British Land's original
restructuring of its debentures in August 2006, being 0.68% and 0.82%,
respectively.


Important Notice

The contents of this press release, which have been prepared by and are the sole
responsibility of British Land, have been approved by The Royal Bank of Scotland
plc ("RBS") solely for the purposes of section 21(2)(b) of the Financial
Services and Markets Act 2000. RBS is acting for British Land in connection with
the Proposed Transaction and no one else, and will not be responsible to anyone
other than British Land for providing the protections offered to clients of RBS
or for providing advice in relation to the Proposed Transaction. The address of
RBS is 135 Bishopsgate London EC2M 3UR.

This press release does not constitute an offer to sell or the solicitation of
an offer to buy securities of British Land. Nothing in this press release
constitutes advice on the merits of buying or selling a particular investment or
exercising any right conferred by the securities described herein.

Any investment decision as to any purchase of securities referred to herein must
be made solely on the basis of information contained in the final form of the
Prospectus of The British Land Company PLC and no reliance may be placed on the
completeness or accuracy of the information contained in this press release.

Securities are not suitable for everyone. The value of securities can go down as
well as up. You should not deal in securities unless you understand their nature
and the extent of your exposure to risk. You should be satisfied that they are
suitable for you in the light of your circumstances and financial position. If
you are in any doubt you should consult an appropriately qualified financial
advisor.

RBS is authorised and regulated in the United Kingdom by the Financial Services
Authority.






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