Re Joint Venture

British Land Co PLC
10 April 2002

                                                                 10th April 2002



               British Land Joint Venture Sells Three Properties

                         and Achieves Improved Lettings


The British Land Company PLC is pleased to announce that London and Henley
Holdings Limited, the residential investment company owned equally by British
Land and Security Capital European Realty, has sold three properties containing
135 apartments for a total of £31 million, in excess of the 30 September 2001
valuation. The value of the portfolio comprising 68 properties (including the
three properties sold) had increased from the acquisition price of £152 million
at the time of formation of the London and Henley joint venture in December 2000
to £177 million at 30 September 2001.

In addition, a number of medium term leases have been entered into on the
remaining properties with serviced apartment operators during the last year.  As
a result, eight properties containing 258 of the remaining 618 apartments now
owned by London and Henley are let on this basis, representing a gross annual
rental of some £4.5 million, approximately 43% of the total rent roll of the
London and Henley portfolio.  The letting of buildings to serviced apartment
operators has the dual benefit of eliminating vacancies and reducing related
maintenance and overhead costs.

Cyril Metliss, Executive Director of British Land, commented: "London & Henley
has proved to be an excellent investment.  The three sales and further lettings
are further evidence of the strong valuation increases achieved since
acquisition of these central London properties."


Contacts


The British Land Company PLC         Cyril Metliss, Executive Director
                                     Tel: [phone]

Notes to Editor:     In December 2000 British Land acquired a 50% interest in
London & Henley which then owned 68 properties comprising 753 apartments, mostly
within central London.


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