Disposal and Acquisition

Great Portland Estates PLC
05 May 2005



Great Portland sells in Drury Lane and buys in Noho

Great Portland Estates plc ('GPE') announces the sale of its freehold interest
in 55 Drury Lane, London, WC2 to Arlington Property Investors for £16.75
million. The price represents a 22% premium to the book value at 30 September
2004.

The property was constructed by GPE in the early 90's and comprises 28,000 sq ft
of studio and office space and a number of residential flats let on long leases.
The current rent receivable is £950,000 per annum, showing the purchaser a net
initial yield of 5.4% after purchase costs. Weighted by rent, the average
unexpired lease length is 6.4 years.

In a separate transaction GPE announces the acquisition of 60/62 Margaret
Street, London W1 from a private vendor for £5.75 million. The 21,600 sq ft
office building is vacant and GPE plans to carry out a comprehensive
refurbishment delivering a high quality office building during the second half
of 2006.

Robert Noel, Property Director of GPE said; 'Over the last two years we have
actively managed the occupational tenancies at 55 Drury Lane to optimise its
capital value and have now taken advantage of the huge investor appetite for
this type of asset as we believe we can use the proceeds more profitably
elsewhere. At a cost of £266 per sq ft, Margaret Street represents excellent
value. There is good demand for high quality refurbished floor plates of this
size in the West End with very limited supply. We believe refurbishment will be
well timed.'

Contacts:

Great Portland Estates plc
Toby Courtauld     Chief Executive       020 7612 1442
Robert Noel        Property Director     020 7612 1443

Finsbury
Edward Orlebar                           020 7251 3801




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