JV with BP Pension Fund

Great Portland Estates PLC
27 March 2008

27 March 2008

Great Portland and BP Pension Fund form new 50:50 joint venture

Great Portland Estates plc ('GPE') and Ropemaker Properties Limited
('Ropemaker'), the property nominee of the BP Pension Fund, announce that they
have formed the Great Ropemaker Partnership ('GRP'), a 50:50 joint venture to be
managed by GPE.

GRP has acquired a development site at 240 Blackfriars Road, SE1 from GPE for an
initial consideration of £20.5 million. In addition, £2.0 million is payable in
enhanced fees if the site is redeveloped and a further £5.0 million in priority
payments become due if various performance hurdles are met. The 31 December 2007
valuation was £27.5 million.

240 Blackfriars Road forms part of GPE's near term development programme and is
a proposed 18 storey 207,000 sq ft office retail and residential scheme at the
junction of Blackfriars Road and Southwark Street. The existing 34,300 sq ft
buildings are currently being demolished.

Toby Courtauld, Chief Executive of GPE said 'We are delighted to have formed
this joint venture with the BP Pension Fund. It allows us to spread our
development risk at Blackfriars Road and it forges a new relationship with a
high quality partner opening up new avenues for future business together.'


Contacts:

Great Portland Estates plc
Toby Courtauld     Chief Executive          020 7647 3042

Finsbury Group
Gordon Simpson                              020 7251 3801



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