Joint Venture Acquisition

British Land Co PLC
05 April 2004



                                                                  5th April 2004


                  BRITISH LAND AND ROSEMOUND ACQUIRE AT DIRFT


The British Land Company PLC and Rosemound Developments have formed a 50/50
Joint Venture and acquired from Severn Trent Property Limited 74 acres of
developable land at Daventry International Rail Freight Terminal (DIRFT) at
junction 18 of the M1.  The land has outline planning consent for 1.4m sq ft of
distribution warehouse accommodation over four sites. The Joint Venture has
already submitted a detailed planning application for a 700,000 sq ft cross
docked distribution warehouse unit on the DIRFT Central site.  Existing
occupiers at DIRFT include Eddie Stobart, Tibbett & Britten, Tesco and the Royal
Mail.


Nigel Webb, Head of Development at British Land, commented "We are very pleased
to have teamed up with Rosemound to acquire this well established and
strategically located site with direct access onto the M1 motorway.
Opportunities for large scale distribution developments are becoming more
scarce, whilst occupier demand in this location is improving".


CONTACTS

The British Land Company PLC

Bob Bowden          tel: [phone]
                    



Finsbury Limited

Faeth Birch         tel: [phone]
                      

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