GPE buys in Hanover Square

Great Portland Estates PLC
04 August 2006


Great Portland Estates buys in Hanover Square

4 August 2006

Great Portland Estates plc ('GPE') announces it has purchased 18 & 19 Hanover
Square, London W1, for £57.6 million from Hammerson Plc.

18 & 19 Hanover Square comprise two retail and office buildings totalling 70,000
sq ft, one freehold, one leasehold, fully let to Lend Lease Europe Ltd, Avanta
Management Services Ltd and Dolce & Gabbana UK Ltd at average rents of £45 per
sq ft. 93% of the £3.0 million p.a. total net rent is from the office tenants
and the weighted average unexpired lease term is 7.3 years. The purchase
provides GPE with a net yield of 5.2% following expiry of rent free periods.

Toby Courtauld, Chief Executive of GPE, said: 'We have acquired half of the
western side of Hanover Square let at low average rents and giving us an
attractive yield profile. The properties could well provide a substantial
redevelopment opportunity whether or not the Crossrail project proceeds. In the
meantime they are well set to benefit from the West End's strong rental growth
prospects.'

Contacts:
Toby Courtauld    Chief Executive     Great Portland Estates plc     020 7647 3042
Robert Noel       Property Director   Great Portland Estates plc     020 7647 3043

Finsbury:
Gordon Simpson    020 7251 3801






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