Disposal

Great Portland Estates PLC
12 July 2000


                                      
                        GREAT PORTLAND ESTATES P.L.C.

       £120M Portfolio Sale By Great Portland to REIT Asset Management


Great  Portland Estates P.L.C. announces that it has exchanged  contracts  to
sell  a portfolio of 8 warehouse and industrial properties to clients of REIT
Asset  Management  for  a  cash  consideration  of  just  under  £120m.   The
investments  are  located  in  Ashby,  Braintree,  Bristol,  Bury,  Daventry,
Penkridge, Runcorn and Telford and currently produce a total rental income of
£11.5m per annum from a floor area of more than 3.1m sq.ft.

Great  Portland  were advised by King Sturge whilst Franc Warwick  acted  for
Reit Asset Management.

Patrick Hall, Joint Managing Director of Great Portland said:

'Earlier this year we announced a radical initiative to refocus the portfolio
and  return  cash  to shareholders by disposing of non-core  holdings.   This
transaction  represents  an important element of that  programme  and  brings
sales  exchanged or completed since 31st March 1999 to a total of  just  over
£400m.'


Enquiries:                              Great Portland Estates P.L.C
                                        Tel: [phone]

Patrick Hall                       -    Joint Managing Director
Peter Shaw                         -    Joint Managing Director
John Whiteley                      -    Finance Director

Kevin McGrath                           REIT Asset Management
                                        Tel: [phone]