Purchase of Unsecured Bonds

British Land Co PLC
25 April 2001

For immediate release
25 April 2001

                The British Land Company PLC ('British Land')

        £150,000,000 12.5 per cent. Bonds due 2016 (the '2016 Bonds')

                                     and

        £150,000,000 8.875 per cent. Bonds due 2023 (the '2023 Bonds')



Bondholders approve bond repurchase

British Land is pleased to announce that the proposals to purchase its
unsecured bonds published on 30 March 2001 were approved at the meetings of
Bondholders this morning. 99.9 per cent. of votes cast at the 2016 Bondholder
meeting, and 99.6 per cent. of votes cast at the 2023 Bondholder meeting, were
in favour of the proposals. The terms of the Bonds have now been amended as
proposed to allow British Land to purchase the Bonds at a margin over the
Reference Gilts within 30 days of approval of the proposals.

In accordance with these revised terms of the proposals, British Land intends
to publish notices tomorrow to purchase the Bonds. The purchase prices of the
Bonds (the 'Purchase Prices') will be calculated under the following formulae
as set out in the notice of 30 March 2001:

The Purchase Prices shall be the higher of the following, together with
interest accrued up to but excluding the date of purchase:
(a)   100 per cent. of the nominal value of the Bonds; or
(b)   the price at which the Gross Redemption Yield of each Bond on 26 April
      2001 is equal to the following:
      2016     2.10 per cent. above the Gross Redemption Yield of the 8 per
      Bonds:   cent. Treasury Stock 2015;
      2023     2.15 per cent. above the Gross Redemption Yield of the 8 per
      Bonds:   cent. Treasury Stock 2021.

The Gross Redemption Yield of the relevant Gilts will be determined by UBS
Warburg at or about 3.00 p.m. on 26 April 2001. A further announcement will be
made after the Purchase Prices have been calculated.

Settlement will occur three London business days later on 1 May 2001. Payment
of the Purchase Prices will be made by the paying agents against presentation
of the Bonds on or after this date.



Contacts:
The British Land Company PLC                  Tel: [phone]
N S J Ritblat, Director
UBS Warburg Ltd.                              Tel: [phone]
Frank Kennedy
Edmund Craston

END