Joint Venture with Tesco Extension and Refinancing

19 January 2011

Tesco/British Land Joint Venture Extension and Refinance Completed

BLT Properties Limited ("BLT"), a 50:50 Joint Venture between The British Land Company PLC and Tesco plc, has refinanced its superstores portfolio.

The new £185 million 7 year term loan facility provided by BayernLB, London branch, was used to repay BLT's existing bank loan.

In conjunction with the refinancing, the Joint Venture was extended for a further 10 years; the second renewal after its establishment in 1996 and first renewal in 2003.

BLT now owns a portfolio of eight Tesco superstores and one retail park anchored by a Tesco superstore. It is one of five Joint Ventures between British Land and Tesco which together hold properties valued at £1.8 billion.

Enquiries:

British Land

Sally Jones (Investors) 020 7467 2942

Pip Wood, (Media) 020 7467 2838

Gordon Simpson, Guy Lamming (Finsbury Group) 020 7251 3801