Debt Stock Repurchases

Great Portland Estates PLC
13 December 2006







THIS PRESS RELEASE IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO
THE UNITED STATES.

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR ISSUE SECURITIES.


13 December 2006

7.25% First Mortgage Debenture Stock due 2027 ('the Stock')

In conjunction with a review of its debt capital structure, Great Portland
Estates plc ('GPE') will respond to offers from holders of the Stock who wish to
sell their Stock back to GPE, for cancellation, (the 'Offer to Repurchase').

The Offer to Repurchase will remain open until 5.00pm (the 'Closing Time') on 19
December 2006 although GPE reserves the right to terminate the Offer to
Repurchase at any time prior to the Closing Time. The redemption price of the
Stock successfully offered for redemption will be set at or around 11.00am on 20
December 2006 for settlement on 28 December 2006. GPE reserves the right to
cancel or vary the Offer to Repurchase at any time or for any reason.

GPE intends to fund the cost of early redemption of its Stock by drawing on its
credit facilities. GPE will also consider a privately placed further issue of
its 5.625 per cent. First Mortgage Debenture Stock due 2029 to be issued in
early 2007.


Contacts:

Great Portland Estates plc
Timon Drakesmith, Finance Director                 020 7647 3034

Barclays Capital
Jeremy Froud                                       020 7773 9634

The Royal Bank of Scotland plc
Robert St John                                     020 7085 3205
Andrew Burton                                      020 7085 8506


The communication of this press release is only being made to those persons in
the United Kingdom who fall within Article 43(2) of the Financial Services and
Markets Act 2000 (Financial Promotions) Order 2005 or any other persons to whom
it may otherwise lawfully be made under that Order.


Copies of this press release are not being, and must not be, mailed or otherwise
forwarded, distributed or sent in or into or from the United States, and persons
receiving this press release (including custodians, nominees and trustees) must
not mail or otherwise forward, distribute or send it into or from the United
States. GPE will neither consider nor respond to any communications in respect
of offers of Stock made by persons in the United States.





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