Property Sale

British Land Co PLC
22 May 2007

ONE EXCHANGE SQUARE SALE AGREED TO KANAM GRUND

The British Land Company is pleased to announce that it has exchanged contracts
with KanAm Grund Kapitalanlagegesellschaft mbH for the sale of One Exchange
Square on the City's pre-eminent Broadgate Estate for £406.3 million. The sale
is due to complete in June.

KanAm Grund, one of Germany's leading fund managers for open-ended real estate
funds and asset manager of international real estate investments, has acquired
the prime City office building - the headquarters of the European Bank for
Reconstruction and Development - with an unexpired office lease circa 15.75
years. The building comprises 384,362 sq ft of modern Grade A office, retail and
leisure accommodation arranged over ground, mezzanine and 12 upper floors on the
1.7 acre site.

Tim Roberts, Director and Co Head of Asset Management, British Land said: "We
are pleased to have sold this first class property to KanAm Grund. The sale is
in keeping with our strategy of recycling capital, in this case, into further
development at Broadgate. British Land is excited about the prospects for active
management at Broadgate and our ambition is to extend and maintain the Estate as
the leading office campus in the City. In doing this KanAm Grund is an excellent
stakeholder."

DTZ and SJ Berwin acted for British Land. Jones Lang LaSalle and Nabarro acted
for KanAm Grund.

Date: 22 May 2007

Notes to Editors

   •The Broadgate Estate comprises15 individual buildings and is one of the
    most sought after locations in the City market with major international
    finance and business occupiers.

   •Broadgate 2020 is British Land's master planning exercise to assess the
    future redevelopment potential of the 30 acre Estate. Currently the master
    planning has identified a potential uplift across the Estate of up to 1.2
    million sq ft.

   •British Land has recently exchanged agreements with Henderson Global
    Investors to surrender their lease at 4 Broadgate and relocate into 124,000
    sq ft at 201 Bishopsgate. The remainder of 201 Bishopsgate is under offer to
    Mayer Brown LLP.

For further media information:

The British Land Company PLC
Laura De Vere - tel [phone]/mobile [phone]




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