Disposal

Great Portland Estates PLC
17 January 2007




Great Portland Joint Venture sells in Gray's Inn Road


17 January 2006

Great Portland Estates plc ('GPE') announces its 50:50 JV with Liverpool
Victoria Friendly Society, The Great Victoria Partnership ('GVP') has agreed to
sell its Freehold interest in Verulam Gardens, 70 Gray's Inn Road, London WC1 to
Arlington Property Investors on behalf of Alecta Pensionsforsakring, Omsesidigt,
for £24.2 million, a premium of £7.8m or 32% to the 31 March 2006 book value
adjusted for subsequent capital expenditure.

The 36,000 sq ft office building was acquired by the GVP in January 2005 for
£11.6m and last year GVP refurbished 10,000 sq ft of vacant space at a cost of
£0.7m, half of which has recently been let setting a new rental tone for the
building. The building currently produces a rent of £0.75m p.a. which will rise
to £0.95m p.a. on expiry of a rent free period; the fourth floor comprising
5,400 sq ft is still available to let.

The purchase reflects £672 psf, a net initial yield of 3.0% and an equivalent
yield of 4.7%.

Robert Noel, Property Director of GPE said 'following refurbishment and
repositioning of this asset we have achieved first class returns since
acquisition two years ago. We have taken advantage of the good institutional
appetite for Central London offices and will recycle the capital elsewhere.'


Contacts:
Great Portland Estates plc

Toby Courtauld               Chief Executive           020 7647 3042
Robert Noel                  Property Director         020 7647 3043

Finsbury

Gordan Simpson                                         020 7251 3801
James Murgatroyd                                       020 7251 3801





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