Interim Management Statement

Great Portland Estates PLC
19 July 2007


19 July 2007

Great Portland portfolio value up over 6% in Q1

The Directors of Great Portland Estates plc ('GPE') are pleased to present the
Interim Management Statement including the quarterly valuation of the Group's
properties as at 30 June 2007, the details of which can be accessed by copying 
and pasting the link below into your web browser:

http://www.rns-pdf.londonstockexchange.com/rns/4995a_-2007-7-18.pdf 



Highlights of the quarter:


   • Valuation of portfolio, including share of joint ventures, up 6.1% to
     £1,732 million.
   • Valuation of development properties(1) up 10.6%, net of capital
     expenditure.
   • Adjusted NAV per share(2) up 8.1% to 642p.
   • REIT NNNAV per share(2) up 8.8% to 645p.
   • Portfolio rental value growth of £3.8 million (up 4.6% on a
     like-for-like basis).
   • West End office rental values increased by £2.8 million, or 6.0%
     like-for-like.
   • Strong letting activity continues with £6.6 million of new rents
     secured.
   • Significant recycling of capital - £244 million of acquisitions(1) and
     £162 million of sales.
   • Valuation of acquisitions, including the Great Capital Partnership
     ('GCP'), up 7.1% net of costs.
   • Since the quarter end, further purchases totalling £159.5 million have
     been contracted in GCP.

(1)Includes Group's share of joint ventures.
(2)Unaudited estimate based on valuation increase and other items, see table below.

Toby Courtauld, Chief Executive of GPE said,

'We have made a good start to this financial year. The strong valuation growth
over the first quarter reflects the extensive improvements we are bringing to
our portfolio through refurbishment, redevelopment and astute asset management
supported by good market conditions in central London.

With constrained supply of new offices, particularly in the West End where more
than 80% of our portfolio is located, we expect rents to continue to rise. Our
development business continues to power ahead and, with significant new
acquisitions adding to our pipeline, we remain optimistic about the Group's
prospects.'

Valuation

The valuation of the Group's properties as at 30 June 2007 was £1,732 million
including our share of joint venture assets. All properties, including
acquisitions and our share of joint ventures, rose in value by £99.0 million or
6.1% since 31 March 2007. All of the investment portfolio valuation uplift was
due to rental growth and asset management with no yield compression.

Rental values grew across the portfolio by 4.6% during the quarter, broadly in
line with the run rate recorded over the past twelve months. West End office
rental values were 6.0% higher whilst those in the City and Southwark rose by
5.0%. The Group average office rent passing remains comparatively low at
approximately £32.60 per sq ft, and, with the average office rental value at £
43.60 per sq ft, the overall portfolio is 28% reversionary in its current state.
The wholly owned portfolio true equivalent yield was unchanged over the quarter
and stands at 4.9% (4.9% for joint venture properties).

The strongest valuation gain over the quarter came from those properties under
development which rose by 10.6%, net of capital expenditure. Acquisitions made
during the quarter also performed well, rising in value by 7.1%, net of
acquisition costs. The valuation of properties in the Great Capital Partnership
rose by 7.7% to £502.5 million between 2 April 2007 and 30 June 2007, net of set
up costs.

Estimated NAV per share and financing

The portfolio valuation movement of £99.0 million for the three months to 30
June 2007 has been used to estimate the pro forma NAV per share. Adjusted NAV
per share as at 30 June 2007 was estimated at 642p (up 8.1% on 31 March 2007),
whilst REIT NNNAV per share was estimated at 645p (up 8.8% on March 2007), both
net of a provision for the payment of the final 2007 dividend of 7.55p. Further
details are set out in the table below.

Pro Forma Estimated Balance Sheet

                                  £m    Pence     %
                                          per   Change
                                        share
Adj NAV
At 31 March 2007             1,076.0      594

Valuation uplift                99.0       56
Final dividend                 (13.6)      (8)

At 30 June 2007              1,161.4      642    8.1%

REIT NNNAV
Mark to Market of debt           5.1        3

At 30 June 2007              1,166.5      645

At 31 March 2007             1,074.3      593    8.8%



Note: These pro forma estimates do not include retained earnings for the quarter
and are unaudited


Net debt at 30 June 2007 was £483 million, up £94 million from 31 March 2007,
mainly due to the investment in the Great Capital Partnership and capital
expenditure on developments. Gearing at 42% was 6% higher than the level as at
31 March 2007.

Since the quarter end the Group's debt facilities have been enhanced to support
recent acquisitions and the growing development pipeline. A new £200 million
five year revolving credit facility has been arranged on more advantageous terms
than the smaller, shorter-term facility that it will replace.

Investment activity

The Group has continued to find a significant number of investment opportunities
during the quarter completing acquisitions totalling £243.8 million (including
share of joint ventures).

The Great Capital Partnership ('GCP'), a new £460 million joint venture with
Capital & Counties, was completed at the start of the quarter and the
integration process is progressing well. Since the quarter end, the partnership
has acquired a further £159.5 million of properties in 4 separate transactions
(100% values). The largest acquisition involved the purchase of 3 assets on
Regent Street, W1 for a price of £111.8 million. Taken together, the properties
comprise 128,100 sq ft of retail and office space, with good improvement
opportunities and reversionary potential.

The remaining three acquisitions were of properties next to existing GCP assets.
54/56 Jermyn Street, SW1 has been purchased for £19.5 million and is adjacent to
GCP's Piccadilly holdings. In midtown, 43 Fetter Lane, EC4 has been acquired for
£20.5 million and, together with 12/14 New Fetter Lane, EC4 forms a potentially
significant development scheme in a London sub market with low vacancy rates. 10
/12 Park Crescent, W1 was purchased for £7.7 million providing a secure income
stream with plenty of asset management opportunities.

Two further interests have been acquired by the Group during the quarter,
adjacent to existing holdings in Bermondsey Street, SE1 and in Hanover Square,
W1. The £162 million of disposals represent the injection of Group assets into
GCP.

Letting and development

Letting activity remains healthy across the business and we continue to secure
rents at or ahead of expected levels. Two of the recently refurbished floors at
Kent House, W1 have been let at rents of £65.00 per sq ft and £77.50 per sq ft.
The Tooley Street scheme, SE1, pre-sold last year, has been entirely prelet to
Southwark Borough Council at an average rent of £38.50 per sq ft, whilst at 160
Great Portland Street, W1 the Group has restructured its lease with the existing
tenant extending the lease term over 85,000 sq ft of space from 2008 to 2018 and
increasing the office rent to an average of £55 per sq ft.

The near-term development pipeline is in good shape; construction work is
progressing well at both 60 Great Portland Street, W1 and at the 110,000 sq ft
Wells & More scheme, Mortimer Street, W1. At Blackfriars Road, SE1 we have
executed a surrender arrangement with the current tenant to allow construction
work to commence in January 2008, one year earlier than previously reported,
lowering construction costs and delivering the 192,000 sq ft building earlier to
the market.

Following the 1.1 million sq ft of planning permissions obtained during the
quarter, satisfactory headway is being made in the preparation of planning
applications for many of the Group's future development opportunities.


Contacts:

Toby Courtauld     Chief Executive   Great Portland Estates plc    020 7647 3042
Timon Drakesmith   Finance Director  Great Portland Estates plc    020 7647 3034

Finsbury
James Murgatroyd                                                   020 7251 3801
Gordon Simpson                                                     020 7251 3801





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