Disposal

Great Portland Estates PLC
23 February 2001

                 GREAT PORTLAND ESTATES SELLS £66 MILLION IN

                        NEXT PHASE OF RATIONALISATION



In two separate transactions Great Portland Estates has exchanged contracts to
sell seven non-core offices for a total consideration of £66 million. In the
major disposal a joint venture between Greenwich Group International and J E R
Partners has purchased buildings in Aberdeen, Birmingham, Chatham, Glasgow and
Whitechapel Road, E1 totalling approximately 440,000 sq. ft. for £61 million
at an initial yield of around 8%. Jones Lang LaSalle acted for GPE and Chapman
Petrie for the joint venture. A seventh property, Associates House in Reading
(22,450 sq. ft.) was sold to Clerical and Medical Assurance for £5.16 million
at an initial yield of around 73/4%. Mason Phillips acted for Great Portland
Estates and Lambert Smith Hampton for the purchaser.



Commenting, Peter Shaw, Managing Director, said:



'The disposal of these non-core assets, comprising of almost entirely regional
offices, continues our strategy of focusing on investment and development in
London and in South East Offices. Indeed we have recently obtained planning
consent for a 19,000 sq.ft development of offices at 22/25 Northumberland
Avenue, WC2 where active steps are being taken to obtain vacant possession
with a view to commencing development before the end of the year.'



Enquiries:

Great Portland Estates PLC

020 7580 3040

Peter Shaw

Managing Director