Disposals

Great Portland Estates PLC
27 February 2006



27 February 2006


Great Portland Estates takes profits north of Oxford Street


Great Portland Estates plc ('GPE') announces three disposals north of Oxford
Street for a total consideration of £33.1 million, 22.5% higher than their
September 2005 book value (adjusted for capital expenditure).

At 60/62 Margaret Street, W1, GPE has forward sold its long leasehold interest
in this 20,100 sq ft office and showroom refurbishment to clients of Arlington
Property Investors for £12.7 million. Purchased by the Group in January 2005 for
£6.1 million including costs, the property is currently vacant and will be fully
refurbished by GPE under a development agreement with the purchaser for a total
further cost of approximately £3.5 million. Whilst construction cost risk
remains with GPE, all other risks, including void and letting risk have been
transferred to the purchaser. The Group's analysis of the purchase price assumes
a letting at £42.50 per sq ft on the office space, a blended exit yield of 5%
and completion of the refurbishment works by December 2006.

At Evelyn House, 142/144 New Cavendish Street, W1, contracts have been exchanged
to sell this 11,700 sq ft four storey office and showroom property for £5.8
million, 22.5% ahead of the September valuation. The basement, ground and first
floors are vacant and the second to fourth floors are let on three leases all
expiring in June 2010 with tenants' break options in June 2007. The property
currently produces a total rent of £172,500 per annum, representing a net
initial yield of 2.8%.

At 22/28 Eastcastle Street, W1, GPE has sold four adjoining showroom and office
properties, totaling 33,000 sq ft for £14.6 million, reflecting a net initial
yield of 2.1%. The properties are multi-let to ten tenants on leases with an
average unexpired lease term of under 1.5 years and there is around 16,300 sq ft
of vacant space. The price paid reflects a 23.7% premium to the September 2005
valuation.

Both Evelyn House and the Eastcastle Street properties were held by the group
primarily as potential residential conversions to satisfy planning agreements
with the local planning authorities. Since planning consents have now been
obtained for all the group's major office developments north of Oxford Street
(190 Great Portland Street, Knighton House and the Titchmor development) this
residential currency was no longer required.

Commenting on the transactions, Toby Courtauld, GPE's Chief Executive said,
'This is good business for GPE. Having executed our strategies for these
properties and following the strong yield compression we have seen over the past
six months, we can now recycle the capital to better use elsewhere'.

Contacts:

Great Portland Estates plc
Toby Courtauld         Chief Executive       020 7647 2042
Robert Noel            Property Director     020 7647 3043

Finsbury
Edward Orlebar                               020 7251 3801




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