AGM Statement

Great Portland Estates PLC
17 July 2002


                GREAT PORTLAND ESTATES P.L.C. - AGM STATEMENT


At today's AGM meeting of Great Portland Estates the Chairman, Richard Peskin,
made the following statement:


'At the time of our preliminary results in June, our Chief Executive Toby
Courtauld set out the themes which will define our strategy at Great Portland.
In short, we will focus on central London investment and development properties
with critical mass, recycling capital out of smaller and ex-growth properties.
The new management is in the middle of a business planning exercise for each
property, which will provide the detail for this strategy.


To help us deliver the strategy we have set about strengthening the Group's
management.  Since the year end, Robert Noel has joined the Company, and will
step up to the Board as Property Director next month.  He has already made a
significant contribution during his first month with us, and we expect further
appointments to augment the existing team.


In June, we reported that the central London office markets were experiencing a
downturn but that they remained fundamentally healthy with encouraging
medium-term prospects.  We would reiterate that view today.  Across the
sub-markets in which we operate, office rents remain under some pressure with
supply outstripping demand, particularly as occupiers look to dispose of surplus
space.  Recent evidence north of Oxford Street (36% of our portfolio by value)
would suggest that rental values are static but that tenants' incentives are
increasing.  By comparison, in the City we still believe that office rents have
further to fall although rents for good West End retail space continue to rise.


In contrast to the letting markets, investments with long income streams
continue to trade at aggressive yields reflecting investors perception on the
relative merits of property against other asset classes.  Whilst we will
continue to take advantage of this investor sentiment (we recently exchanged on
the sale of small properties in Covent Garden and the West End's Maddox Street
and anticipate further sales in the near future) we will only enter the market
to acquire where we see attractive fundamentals and opportunities to add value.


With a new team in place, a flexible balance sheet and a portfolio of
interesting properties to exploit, the prospects for Great Portland are, we
believe, most encouraging.'


Contacts:

Great Portland Estates P.L.C.                   020 7580 3040
Toby Courtauld, Chief Executive


Finsbury Group                                  020 7251 3801
Edward Orlebar



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