Quarterly Valuation

Great Portland Estates PLC
18 July 2006


QUARTERLY VALUATION

18 July 2006

The Directors of Great Portland Estates plc announce the quarterly valuation of
the Group's properties as at 30 June 2006, the details of which can be found by
copying and pasting the link below.
http://www.rns-pdf.londonstockexchange.com/rns/3339g_-2006-7-17.pdf

Highlights of the quarter:

• Valuation of portfolio including share of joint ventures at £1,126 million
• Valuation of wholly owned portfolio up 4.1% on a like-for-like basis
• Adjusted net assets per share* up 5.5% to 461p
• Portfolio ERV movement of £1.6m (up 2.7%)
• West End office ERV movement of £1.5m (up 4.2%)
• Strong letting activity across the portfolio
• Near-term developments on track for planned completion dates
• Over £100m of capital transactions including profitable forward 
  sale of Tooley Street
 
   *Estimate based on portfolio valuation growth added to 31 March 2006 net 
    assets.

The valuation of the Group's properties as at 30 June 2006 was £1,125.5 million
including its share of joint venture assets. All properties including
acquisitions rose in value by £44.1 million or 4.1% since 31 March 2006. This
portfolio valuation increase, when added to the balance sheet as at 31 March
2006, produces a pro forma adjusted NAV per share of 461p.

Rental values grew across the portfolio by 2.7% during the quarter, building on
the 12.9% recorded for the 12 months to 31 March 2006. West End office rental
values were 4.2% higher whilst City and Southwark rental values remained static.
The Group's average office rental value remains low at approximately £34 per sq
ft. The wholly owned portfolio True Equivalent Yield fell 8 basis points over
the quarter on a like-for-like basis and now stands at 5.2%.

Two acquisitions were made by the Group during the quarter, both in Southwark,
for a total consideration of £13.8m including costs of acquisition. In addition,
the Great Victoria Partnership ('GVP'), the Group's joint venture with Liverpool
Victoria, bought 13/15 Carteret Street, SW1 for £6.9m. The property adjoins
GVP's existing holding at 40/48 Broadway and 1/11 Carteret Street, SW1.

During the quarter, the Group carried out sales at Gillingham House, Gillingham
Street, SW1, 79 New Cavendish Street, W1 and forward sold its proposed 200,000
sq ft office development at Tooley Street, SE1 for a combined consideration of
£83 million, representing a premium of 12% to the 31 March 2006 valuation. In
addition, the Group estimates it will receive a further £10 million in
construction profits at practical completion of the Tooley Street development in
the years to 31 March 2009, and has the potential to generate a further £2
million if certain letting targets are achieved.

Letting activity during the quarter has been encouraging with:

• £1 million per annum in rent (including our share of joint venture rents) 
  contracted since 31 March 2006;

• terms agreed on a further £2 million per annum in rent
  (including our share of joint venture rents).

• terms agreed to let most of 21 Sackville St, W1, the Group's 21,000 sq ft 
  refurbishment completed during the quarter, at office rents of £80 per sq ft, 
  20% ahead of the building's 31 March 2006 rental value;

• good progress within our joint ventures where GVP has agreed to 
  let 526/528 Oxford St, W1 at a rent of £0.9 million per annum, 8% ahead of the
  31 March 2006 rental value and at 208/222 Regent Street, W1 where terms are
  agreed to pre-let the two units vacated by retailer Liberty in March and
  currently under refurbishment.

Toby Courtauld, Chief Executive of GPE said, 'The central London investment
markets remain competitive and the weight of money chasing property has
continued to exert downward pressure on yields. On the occupational side, steady
demand and falling supply is driving vacancy rates lower across central London
whilst, in the West End, the limited quantity of development starts is unlikely
to reverse the position in the near term and rental growth has become the main
value driver. This is good news for our sizeable and growing development 
programme.'


Contacts:

Great Portland Estates plc
Toby Courtauld             Chief Executive             020 7647 3042
Robert Noel                Property Director           020 7647 3043


Finsbury
James Murgatroyd                                       020 7251 3801
Gordon Simpson



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