Offer Update

British Land Co PLC
31 July 2001



               DAVIDSON FAMILY AND THE BRITISH LAND COMPANY PLC
                 POSSIBLE OFFER FOR ASDA PROPERTY HOLDINGS PLC



The Davidson Family and The British Land Company PLC ('British Land') note
today's publication of a letter from the Independent Directors of Asda
Property Holdings plc ('Asda') to Asda's shareholders.



Since the announcement by Asda on 4th July, 2001, relating to an approach by a
50/50 joint venture between the Davidson Family and British Land to make a
possible cash offer for Asda, the Davidson Family and British Land can confirm
that they have been unable to agree terms with the Independent Directors of
Asda.



The Davidson Family and British Land continue to review the situation and an
announcement will be made in due course.





ENQUIRIES


Lazard                               Tel:  [phone]
William Rucker
Maxwell James

Finsbury                             Tel:  [phone]
Edward Orlebar
Faeth Finnemore