The British Land Company PLC (the "Company", "British Land") announces the final terms of its offering of £350 million of senior, unsecured Convertible Bonds due 2020 (the "Bonds").

The Bonds will have a zero coupon. The initial conversion price has been set at 1103.32p, a premium of 27.5% above the volume weighted average price of the ordinary shares of the Company between launch and pricing.

Settlement is expected to take place on or about 9 June 2015.

Lucinda Bell, Chief Financial Officer of British Land said: "We are very pleased with the success of this transaction. Taking advantage of favourable market conditions, we have raised funds at a zero coupon with flexible settlement options. This financing continues our strong track record in accessing funding on competitive terms from a range of sources."

Goldman Sachs International ("Goldman Sachs"), Morgan Stanley & Co. International plc ("Morgan Stanley") and UBS Limited ("UBS") are acting as Global Coordinators and Goldman Sachs, Morgan Stanley, The Royal Bank of Scotland plc ("RBS") and UBS are acting as Joint Bookrunners. Morgan Stanley and UBS are acting as corporate brokers and advisers to the Company. Banco Santander, S.A. and Mitsubishi UFJ Securities International plc are acting as Co-Lead Managers.

Enquiries:
Investor Relations
Sally Jones, British Land 020 7467 2942
Media
Pip Wood, British Land 020 7467 2838
Gordon Simpson, Finsbury 020 7251 3801
Guy Lamming, Finsbury

Notes to Editors

About British Land
We are one of Europe's largest publicly listed real estate companies. We own, manage, develop and finance a portfolio of high quality commercial property, focused on retail locations around the UK and London offices. We have total assets in the UK, owned or managed of £18.9 billion (of which British Land share is £13.6 billion), as valued at 31 March 2015. Our properties are home to over 1,200 different organisations ranging from international brands to local start-ups. Our objective is to deliver long-term and sustainable total returns to our shareholders and we do this by focusing on Places People Prefer. People have a choice where they work, shop and live and we aim to create outstanding places which make a positive difference to people's everyday lives. Our customer orientation enables us to develop a deep understanding of the people who use our places. We employ a lean team of experts, who have the skills to translate this understanding into creating the right places, and we have an efficient capital structure which is able to effectively finance these places.

UK Retail assets account for 55% of our portfolio. As the UK's largest listed owner and manager of retail space, our portfolio is well matched to the different ways people shop today. We are focused on being the destination of choice for retailers and their customers by being the best provider of spaces and services. Comprising around 22 million sq ft of retail space across shopping parks, superstores, shopping centres, department stores and leisure assets, the retail portfolio is modern, flexible and adaptable to a wide range of formats.

Our Office and Residential portfolio, which accounts for 45% of our portfolio, is focused on London. We have an attractive mix of high quality buildings in well managed environments and a pipeline of development projects which will add significantly to our portfolio. Increasingly, our Offices are in mixed-use environments which include retail and residential elements. Our 6.7 million sq ft of high quality office space includes Regent's Place and Paddington Central in the West End and Broadgate, the premier city office campus (50% share).

Our size and substance demands a responsible approach to business. We believe leadership on issues such as sustainability helps drive our performance and is core to the delivery of our overall objective of driving shareholder value and creating Places People Prefer.

Further details can be found on the British Land website at www.britishland.com

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