GVP to revamp Liberty store

Great Portland Estates PLC
22 September 2005


22 September 2005

Great Victoria Partnership to Revamp Regent Street flagship

Great Portland Estates plc ('GPE') announces that its joint venture with
Liverpool Victoria Friendly Society, The Great Victoria Partnership ('GVP'),
will take possession of the 17,000 sq ft Liberty store at 214-222 Regent Street
in September 2006 and apply for listed building consent to improve the
configuration of the retail space.

GVP announced the acquisition of a 46 year leasehold interest in the site from
Liberty parent Retail Stores Plc in April. Since then it has re-geared the
existing lease with the Crown Estate to a new 125 year lease.

Robert Noel, Property Director of GPE, said: 'Following the restructuring of the
headlease with the Crown Estate, this transaction represents the next stage in
our asset management strategy to exploit the full potential of this landmark
site. The renaissance of Regent Street is very exciting with many retailers
including Apple, Ted Baker, Kipling, Quiksilver, Karen Millen and Petit Bateau
committing to new stores over the last 12 months.'



Contacts:

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

Finsbury
Edward Orlebar                     020 7251 3801



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