Disposal

Great Portland Estates PLC
20 November 2001



            GREAT PORTLAND SELLS £235 MILLION OF SHOPPING CENTRES

Great Portland Estates P.L.C. announces that it has completed the sale of its
four remaining shopping centres to Sapphire Retail Fund Limited (a joint
venture between Stannifer and Bank of Scotland) for a consideration of £235
million in cash. The shopping centres - Charter Walk, Burnley; Queen's Arcade,
Cardiff; The Harvey Centre, Harlow; and The Octagon Centre, High Wycombe -
produced an aggregate net annual income of £17.7 million, providing an initial
yield of 7.5%. The proceeds, which represented the value ascribed to the
properties at 31st March 2001, have been used in the first instance to repay
bank borrowings, and have reduced net gearing to 43%.



Enquiries:

Great Portland Estates P.L.C.

020 7580 3040

Peter Shaw

Managing Director