GCP Financing

Great Portland Estates PLC
25 March 2008


25 March 2008

Great Capital Partnership ('GCP') Financing

GCP, the central London joint venture between Great Portland Estates plc (GPE)
and Liberty International PLC announces that it has arranged a new £225 million
credit facility to provide financial resources for asset repositioning and
investment projects. Previously GCP, which held investment properties of around
£650 million at 31 December 2007, had no external debt. Following the recent
property swap and lease extension transaction with The Crown Estate there are
many refurbishment, development and asset management opportunities which could
lead to significant rental income growth for the partnership. GCP's partners
will also have the flexibility to use the credit facility to refinance their
existing equity investment in the joint venture.

The credit facility has been structured as a non recourse, secured term loan
maturing in 2013 and has been underwritten by Eurohypo, HSBC and Lloyds TSB. GCP
will pay a margin which varies between 75-115bp depending on the level of loan
to value and interest cover ratios. GCP anticipates operating at the bottom end
of the margin range.

Commenting on the transaction, Timon Drakesmith GPE's Finance Director said;

'We are delighted to have arranged this attractive debt facility with a group of
relationship banks. GCP has plenty of growth potential and despite the
difficulties in the credit markets this deal demonstrates that debt finance is
available at a sensible cost for well located property portfolios'.

Michael Acratopulo, Eurohypo; Kevin Hutchings, HSBC and Shela Maine, Lloyds TSB
jointly commented;

'We are all pleased to be supporting our long standing relationships with GPE
and Liberty International PLC in the joint venture. The assets are high quality
and offer strong potential; we look forward to working with GCP as the portfolio
evolves over time.'

Contacts:
Great Portland Estates
Toby Courtauld           Chief Executive          020 7647 3042
Timon Drakesmith         Finance Director         020 7647 3015

Capital & Counties
Ian Hawksworth           Managing Director        020 7887 7041
Gary Marcuccilli         Director                 020 7395 2751

Finsbury
James Murgatroyd                                  020 7251 3801
Gordon Simpson                                    020 7251 3801



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