Acquisition and Disposal

Great Portland Estates PLC
03 April 2006



Great Portland buys and sells

3 April 2006

Great Portland Estates plc ('GPE') announces the acquisition of New City Court,
20 St. Thomas Street, London SE1 for £43.15m (£438 per sq ft capital value) from
a member of the Fordgate Group of Companies. The freehold 1980's building
comprises 98,500 sq ft of air-conditioned office accommodation located opposite
London Bridge mainline station. It is multi-let to 7 tenants on institutional
leases, predominantly to 2011; tenants include British Airways, Pitney Bowes,
Tindall Riley Marine and Greater London Enterprise Ltd. The total passing rent
is £2.44 million rising to £2.79 million (£28.36 per sq ft overall) once a rent
free period expires later this year.


North of Oxford Street, GPE has sold its freehold interest in 136/142 Great
Portland Street, W1 for £16 million (£556 per sq ft capital value), some 26.5%
ahead of its September 2005 valuation. The 28,800 sq ft period office and retail
property produces income of £0.93 million with an Estimated Rental Value at
September 2005 of £0.75 million.


Commenting on the transactions Toby Courtauld, GPE Chief Executive, said 'These
transactions provide further evidence of us recycling capital from properties
where we have completed our asset management strategies and into attractive
growth opportunities. New City Court provides the group with a significant
holding opposite a major transport interchange, in a rapidly improving area of
London. It produces a healthy running yield, off low rents, with plenty of asset
management opportunities. The disposal of 136/142 Great Portland Street brings
the total sales during the second half to £64.7 million, at an average premium
to their September 2005 valuations of 25.4%'.


Contacts:
Great Portland Estates plc
Toby Courtauld, Chief Executive                        020 7647 3042
Robert Noel, Property Director                         020 7647 3043


Finsbury
Edward Orlebar                                         020 7251 3801
Gordon Simpson                                         020 7251 3801




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