Early Redemption of Deb.Stk

Great Portland Estates PLC
8 May 2001

8th May, 2001

For immediate release

Great Portland Estates P.L.C.

9.5 per cent. First Mortgage Debenture Stock 2016 (the 'Stock')

Notice of early redemption

Great Portland Estates P.L.C. announces that it has today given notice to
redeem all the outstanding Stock.

The register of Stockholders will be closed on 11th May, 2001 and will not
reopen.

Redemption will be at the higher of par and the price at which the yield on
the Stock equals the yield on the 8 per cent. Treasury Stock 2015 (at 3.00
p.m. on 14th May, 2001) plus 1.40 per cent.

In accordance with the terms of the Trust Deed and circular to stockholders,
cheques will be dispatched on 16th May, 2001.

Further information:

Great Portland Estates P.L.C.

John Whiteley, Finance Director 020 7580 3040

Cazenove & Co. Ltd

Francis Burkitt, Director 020 7825 9942

This announcement has been approved for the purposes of section 57 of the
Financial Services Act 1986 by Cazenove & Co. Ltd, which is regulated by the
Securities and Futures Authority.