Acquisition

Great Portland Estates PLC
26 January 2005



26 January 2005

Great Portland bolsters income at Mount Royal through acquisition

Great Portland Estates plc ('GPE') announces the acquisition of the Prudential's
leasehold interest at Mount Royal, 508/540 Oxford Street, W1 for £10.9 million
by its newly created joint venture with Liverpool Victoria Friendly Society, the
Great Victoria Limited Partnership ('GVLP').

The 7.5 year leasehold interest generates a net income of £1.95 million per
annum, raising the income receivable by GVLP at Mount Royal from £3.7 million to
£5.64 million and the net yield from 4.4% to 5.9%. The Mount Royal block
comprises 88,500 sq ft of retail space and has a rental value of over £7.0
million.

Robert Noel, Property Director, said: 'Mount Royal was acquired with a clear
plan to exploit asset management initiatives and we are pleased to have been
able to buy the Prudential interest. In addition to boosting the income return,
the acquisition releases significant marriage value and improves GVLP's control
of the block'.


Contacts:

Great Portland Estates plc

Toby Courtauld, Chief Executive                    020 7612 1442
Robert Noel, Property Director                     020 7612 1443


Finsbury

Edward Orlebar                                     020 7251 3801



Notes for editors


GVLP was formed as a joint venture between GPE and Liverpool Victoria Friendly
Society ('LVFS') in November 2004 to own four central London buildings including
the Mount Royal block which it acquired from Quintain Estates & Development PLC
for £80 million. At inception, the joint venture had assets with an approximate
value of £122.7 million, with each partner contributing £33.5 million of equity,
financed through cash and property contributions.


Properties contributed by GPE were 81 and 82 Dean Street, London W1, comprising
32,800 sq ft of offices, let to Omnicom subsidiary TBWA Group UK Limited and
producing a current annual net income of £1.4 million. LVFS contributed 40-48
Broadway and 1/11 Carteret Street, London SW1 and Verulam Gardens, 70 Grays Inn
Road, London WC1. Broadway and Carteret Street comprise 60,000 sq ft of offices
occupied by Liberty International plc as their headquarters and the Youth
Justice Board. Verulam Gardens is a 34,000 sq ft office building let to patent
agents Boult Wade Tennant and the first Secretary of State. The current combined
annual net income of the LVFS properties is £1.8 million.


GPE has been retained by the joint venture to carry out asset, investment and
development management services on its behalf.






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