Substantial Interest

British Land Co PLC
11 October 2000


The British Land Company PLC announces that it received notification on 10th
October 2000,  pursuant to sections 198-202 of the Companies Act 1985, that
Merrill Lynch & Co., Inc's aggregate interest in the Company is 52,056,253
ordinary 25p shares, representing 10.05% of the issued share capital of the
Company.  Details of this disclosure of interest by Merrill Lynch are as
follows:

ML Invest plc, ML Invest Holdings Limited & ML Invest, Inc are certain holding
companies of Merrill Lynch Investment Management Limited ('MLIM') and have
interests, through MLIM, in the share capital of the Company as follows:

Registered Holder:                            Number of shares
Nutraco Nominees Limited                      41,335,523
Stamford Nominees Limited                     90,010
Mercury Life Nominees Limited A/C Noncert     417,291
Mercury Life Nominees Limited A/C Logica      102,763
Others                                        9,814,787

Merrill Lynch Group, Inc and Merrill Lynch & Co., Inc., which are holding
companies of MLIM and of certain other companies, have interests in aggregate
in the relevant share capital of the Company as follows:

Merrill Lynch Group, Inc                           52,050,897 shares
Merrill Lynch & Co.,Inc                            52,056,253 shares