Acquisition

Great Portland Estates PLC
18 April 2005




                      Great Portland buys in Regent Street

Great Portland Estates plc ('GPE') announces the purchase of Lasenby House,
Kingly Street and the Liberty Island site, Regent Street by The Great Victoria
Partnership (No. 2), a joint venture between GPE and Liverpool Victoria Friendly
Society from Retail Stores Plc ('Retail Stores'), for a total consideration of
£66.5 million in cash. The two properties currently generate a net annual rental
income of approximately £4.4 million.

Lasenby House is a freehold property which comprises approximately 25,500 sq ft
of office space let to Liberty Plc ('Liberty'), with a sublease on 17,600 sq ft
to MWB Business Exchange UK Limited ('Business Exchange').

The Liberty Island Site is held leasehold from the Crown Estate Commissioners
for a term expiring in July 2051. It comprises approximately 63,000 sq ft of
retail and office accommodation. The majority of the 36,000 sq ft of office
accommodation on 2nd to 6th floors is let on a single lease to MWB Business
Exchange with the remainder let to Liberty. Both leases expire in February 2016.
The remaining 27,000 sq ft is retailing on basement, ground and first floors
occupied by Liberty, Gap and Barclays Bank.

Toby Courtauld, Chief Executive of Great Portland Estates, said: 'We announced
the formation of our joint venture relationship with Liverpool Victoria in
November last year. These latest acquisitions will see this partnership fully
invested in first class assets with real angles for value creation. We are
delighted to be buying into the renaissance of Regent Street and to be able to
build on our existing relationship with the Crown Estate'.

Contacts:

Great Portland Estates plc
Toby Courtauld, Chief Executive 
020 7612 1442

Finsbury
Edward Orlebar 
020 7251 3801




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