GPE profits from Mayfair sale

Great Portland Estates PLC
09 January 2006



9 January 2006

GPE profits from Mayfair sale

Great Portland Estates plc ('GPE') announces the sale of its virtual freehold
interest at 27 Albemarle Street, London, W1 to The Church Board of Finance
Property Fund for £13.5m, a premium of 29% to the property's September 2005
valuation.

The 16,000 sq ft period building comprises 16% retail space over the lower
ground and ground floors with seven upper floors of offices, accounting for 84%
of the total area. The current rent is £600,900 per annum, and the weighted
average unexpired lease term is 2.7 years. The sale price of £13.5m reflects a
net initial yield of 4.2% and a capital value per square foot of £850 overall.

Toby Courtauld, Chief Executive of GPE said, 'Through this sale we are taking
advantage of the strong institutional appetite for rack rented West End
investment stock. Off this price, we can put the capital to better use
elsewhere, such as into our expanding development programme'.

Contacts:

Great Portland Estates plc
Toby Courtauld             Chief Executive             020 7612 1442
Robert Noel                Property Director           020 7612 1443

Finsbury
Gordon Simpson                                         020 7251 3801




                      This information is provided by RNS
            The company news service from the London Stock Exchange