7.25% Debenture Stock 2027

Great Portland Estates PLC
01 March 2006

For immediate release
1 March 2006



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES




GREAT PORTLAND ESTATES plc

7.25% First Mortgage Debenture Stock due 2027



Over the past five years, Great Portland Estates plc has re-focussed its
business on the London market.  It has also shifted the emphasis of its funding
from long-dated secured debt to medium-dated unsecured debt, including the
repayment of two of its debenture stocks in full (£100m 9.5% 2016 in 2000, and
£100m 10.75% 2021 in 2002).



As a further step in this process, the company announces that, from now until
close of business on 7 March 2006, it will respond to offers from holders of its
7.25% First Mortgage Debenture Stock due 2027 who wish to sell their stock back
to the company, for cancellation, at a price that gives a spread of 0.375% over
the 6% Treasury Stock 2028 at the time of trade.  Stockholders should contact
the company's broker, JPMorgan Cazenove (details below).



Contact:



Great Portland Estates plc:
Timon Drakesmith, Finance Director
020 7647 3034



JPMorgan Cazenove:
Francis Burkitt/Tim Waters/David Varney/Will Beausire
020 7588 2828



The communication of this press release is only being made to those persons in
the United Kingdom who fall within Article 43(2) of the Financial Services and
Markets Act 2000 (Financial Promotions) Order 2005 or any other persons to whom
it may otherwise lawfully be made under that Order.



Copies of this press release are not being, and must not be, mailed or otherwise
forwarded, distributed or sent in or into or from the United States, and persons
receiving this press release (including custodians, nominees and trustees) must
not mail or otherwise forward, distribute or send it into or from the United
States.  Great Portland Estates plc does not intend to consider offers of stock
made by persons in the United States.


                      This information is provided by RNS
            The company news service from the London Stock Exchange