Property Purchase

British Land Co PLC
17 October 2000


BL FRASER PURCHASE OF BRISTOL STORE RECEIVES BENTALLS' SHAREHOLDER APPROVAL

BL Fraser, the joint venture between The British Land Company PLC and House of
Fraser Plc, has today received notification from Bentalls that its
shareholders have approved the sale of its department store in Bristol to BL
Fraser for £15.6 million.

The purpose built department store, which was comprehensively refurbished by
Bentalls in 1998, is situated in a prime location in the heart of Bristol's
main shopping area.  Bristol is one of the largest retail centres in England,
and is the regional centre for the South West.  The acquisition will bring the
total store area owned by the joint venture to over 2 million square feet.

On completion of the purchase in January of next year, BL Fraser will lease
the entire property to House of Fraser on a 40 year lease at a rent of
£1,237,500 per annum subject to 5 yearly upwards only rent reviews.  In common
with the rest of the leases in the joint venture to House of Fraser the first
two reviews will be subject to minimum increases based on 3% per annum.

The acquisition will be partly funded by a non-recourse bank loan to BL
Fraser, with the balance being provided equally by British Land and House of
Fraser.


Contacts

The British Land Company PLC:       John Ritblat, Chairman, 020 7467 2831/2829
                           John Weston Smith, Finance Director,  020 7467 2899
Bell Pottinger Financial Limited:                    Kate Power, 020 7353 9203