British Land announces £300 million unsecured Sterling bond

The British Land Company PLC (the Company) today announces its debut Sterling bond issue for £300 million at a coupon of 2.375% for 12 years.

In line with the Company's financing strategy, this new issue increases both diversity of funding and maturity.

Lucinda Bell, CFO, British Land said: "We are pleased to have raised this unsecured debt in the Sterling market, where investor demand has reflected confidence in our strategy. The debut issue increases the total debt raised over the last five years to £4.5 billion and enhances the diversity and maturity of British Land's financing profile."

Barclays Bank, Lloyds and NatWest acted as Joint Active Lead managers. HSBC, Bank of Tokyo Mitsubishi and Santander were Joint Passive Lead Managers. Credit Agricole and Royal Bank of Canada were Co-Managers.

Enquiries

Notes to Editors

About British Land

Our portfolio of high quality UK commercial property is focused on Retail around the UK and London Offices. We own or manage a portfolio valued at £19.1 billion (British Land share: £13.9 billion) as at 31 March 2017 making us one of Europe's largest listed real estate investment companies.

Our strategy is to provide places which meet the needs of our customers and respond to changing lifestyles - Places People Prefer. We do this by creating great environments both inside and outside our buildings and use our scale and placemaking skills to enhance and enliven them. This expands their appeal to a broader range of occupiers, creating enduring demand and driving sustainable, long term performance.

Our Retail portfolio is focused on Regional and Local multi-let centres, and accounts for 48% of our portfolio. Our Offices portfolio comprises three office-led campuses in central London as well as high quality standalone buildings and accounts for 49% of our portfolio. Increasingly our focus is on providing a mix of uses and this is most evident at Canada Water, our 46 acre redevelopment opportunity where we have plans to create a new neighbourhood for London.

Sustainability is embedded throughout our business. Our places, which are designed to meet high sustainability standards, become part of local communities, provide opportunities for skills development and employment and promote wellbeing. Our industry-leading sustainability performance led to British Land being named a European Sector Leader in the 2016 Global Real Estate Sustainability Benchmark for the third year running.

In April 2016, British Land received the Queen's Award for Enterprise: Sustainable Development, the UK's highest accolade for business success for economic, social and environmental achievements over a period of five years.

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