Acquisition

Great Portland Estates PLC
25 February 2004


Great Portland Buys Mayfair Freehold from Austin Reed for £10.7 million

25 February 2004

Great Portland Estates plc ('GPE') has agreed to buy the freehold interest of
16/21 Sackville Street, London W1 from Austin Reed Limited ('Austin Reed') for
£10.7 million. The property at ground floor level links to their flagship Regent
Street store and Austin Reed will simultaneously enter into a lease back on the
retail element of the building. GPE intends to refurbish the office
accommodation to a high specification offering approximately 3,500 sq ft floors
to let in the open market towards the end of 2005.

The property provides approximately 21,250 sq ft of accommodation comprising
ground floor retail with five floors of offices above.

The 4,400 sq ft ground floor retail unit will be let to Austin Reed for a term
of 25 years without breaks at an initial annual rent of £160,000 following a 27
month rent free period. Austin Reed will remain in the upper floors on a rolling
three month basis for up to one year. It is their intention to relocate to new
offices as soon as is practicable.

Toby Courtauld, Chief Executive of GPE said: 'This purchase provides us with a
significant refurbishment opportunity providing top grade office space into a
recovering market. In addition it gives us a freehold of part of one of the most
important retail sites in Central London.'

Contacts:
Toby Courtauld  Chief Executive   Great Portland Estates plc   020 7612 1442
Robert Noel     Property Director Great Portland Estates plc   020 7612 1443

Edward Orlebar  Finsbury                                       020 7251 3801




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