GPE sells Met Building

Great Portland Estates PLC
28 September 2007


28 September 2007

Great Portland sells Met Building for £107 million

Great Portland Estates plc ('GPE') announces it has agreed to sell the 110,000
sq ft Met Building, 22 Percy Street, W1 to Lazari Investments Ltd for £107.0
million, representing a net initial yield to the purchaser of 4.1%.

Following the acquisition in June 2003 for £16.0 million, GPE undertook a
comprehensive refurbishment and extension scheme at a cost of £23.8 million
(£28.75 million including capitalised interest). Completed in May 2005, Met
Building was substantially let by December 2005 to a strong line up of tenants
including Publicis subsidiary Zenith Optimedia, construction consultant Gardiner
& Theobald, BA Pension Trustees, HSBC and NatWest. The building generates rental
income of £4.7 million per annum with office rents between £41.50 and £55.00 per
sq. ft., and the sale price is broadly in line with the March 2007 book value.

Commenting on the transaction, Toby Courtauld, GPE's Chief Executive said, 'Met
Building was the first major project completed in our near term development
programme and, in the four years and three months since purchase, has provided
the Group with a post tax return on capital employed of 156%. The successful
sale provides compelling evidence of the building's quality and is in line with
our strategy of recycling capital into higher growth segments within our
portfolio'.

Contacts:

Great Portland Estates plc
Toby Courtauld                Chief Executive           020 7647 3042

Finsbury
James Murgatroyd                                        020 7251 3801
Gordon Simpson




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