Spanish Deal

British Land Co PLC
10 July 2007



LARGEST SPANISH DEAL COMPLETES

British Land has today completed the purchase of Spain's prime regional shopping
centre and retail park in Murcia for €350 million in a joint venture with the
closed-end fund PREF, reflecting a gross initial yield circa 5 per cent.

The deal is reported to be Spain's biggest single out-of-town retail investment
transaction and confirms British Land/PREF's position as the largest owner of
out-of-town retail parks in Europe. Known as Nueva Condomina, the 120,000m2
scheme has been acquired from Deparcom, a joint venture between Eroski and Grupo
Trusam.

Valentine Beresford, British Land said: "Selectively extending our investments
in Europe is an important strategic step and a logical extension of our UK
market leadership. There is an under provision of out-of-town shopping in many
Eurozone markets with attractive supply/demand dynamics, similar to the UK,
although much less mature. The Nueva Condomina development is a very rare
opportunity to acquire a prime asset in a market where there is clear evidence
of a growing number of international retailers pushing into the country."


Notes to Editors

The shopping centre opened September 2006 and the retail park in May 2007. The
two storey enclosed shopping centre and the retail park are 100 per cent let.
Notable retailers include Primark, FNAC, H&M, Leroy Merlin and Media Markt as
well as Zara, Massimo Dutti, Bershka, H&M, Benetton, Etam and Cortefeil.

The 120,000m2 scheme encompasses a 60,200m2 two storey enclosed shopping centre
and a 44,400m2 retail park. The shopping centre includes a 15 screen multiplex
and a 13,700m2 Hypermarket.  There is dedicated parking for 6,500 cars.

Cushman & Wakefield advised British Land and PREF.

British Land is the largest UK REIT by assets (£16.9 billion) with total assets
under management of £21.3 billion, as at March 31, 2007.

The portfolio, focused on the growth sectors of London Offices and Out of Town
Retail, has the longest leases and occupancy rates amongst the highest of the
major UK REITs. Retail assets account for 56 per cent of the portfolio, 80 per
cent of which is in prime out-of-town locations. Offices account for 41 per cent
of the portfolio of which 97 per cent is London-based and includes a £4 billion
office development pipeline coming to fruition between now and 2011.

British Land's owned, contracted and managed assets in Europe are valued at €1.7
billion as at March 31, 2007, and include retail parks in Spain, Italy, Portugal
, Belgium, Switzerland and France through its property adviser role and 40 per
cent holding in PREF.  Assets owned and committed in PREF total circa €1.1
billion.

                               

Puerto Venecia, Zaragoza, is the circa €600 million retail and leisure scheme
being developed through a joint venture between British Land, a group of
European private investors and the Spanish construction company Copcisa Corp.

PREF is a seven year, closed-end fund created in 2004 investing in out-of-town
retail parks in the Eurozone.  PREF is advised by British Land European Fund
Management, a partnership between British Land and Doric Properties Ltd.

Tuesday, 10 July 2007

Media Enquiries:

British Land: Laura De Vere

Tel: [phone]/Mobile: + 44 (0)7739 292920

PREF: Dido Laurimore, Financial Dynamics,

Tel: [phone]


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