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Joint Ventures

As at 31 March 2007

Puerto Venecia, Zaragoza, Spain

Tesco Bulwell, Nottingham

The Joint Ventures provide British Land with access to desirableproperties (often off market), within a separate entity formed for thepurpose, and controlled on a 50:50 basis by a board carrying equal
representation from each partner. The entities are able to raisefinance on the strength of their assets, usually with no supportfrom the partners, thereby significantly lowering the initial equityinvestments and enhancing returns on capital. The enterprise isshared by the partners, over a specific agreed lifetime for the venture.

Key activity since April 2006 included:

• In March 2007 a fourth joint venture with Tesco PLC was formed, The Tesco Aqua Limited Partnership. The £650m portfolio has an initial rent of £29m per annum from 21superstores let to Tesco.
• The formation in May 2006 of the new joint venture in respect ofZaragoza, Spain, to develop a 2.2 million sq ft out-of-townshopping scheme.
• The acquisition of the outstanding 50% ownership of BL Davidsonfor approximately £256m in August 2006.

Although some of the Joint Ventures have different year ends from British Land, the accounting periods recognised have now been aligned to the Group’s March year end using management accounts, to assist the requirements of quarterly reporting.