Reduction of Capital

Great Portland Estates PLC
30 July 2004


30 July 2004

  Return of 50 pence per share to shareholders by way of a Capital Repayment or
                                Special Dividend

Further to the announcement on 28 July 2004, the board of Great Portland Estates
plc announces that the Reduction of Capital has become effective today.

As a consequence, the company's issued ordinary share capital has been
subdivided and consolidated into 162,474,812 New Ordinary Shares of 12.5 pence
each and such shares have been admitted to the Official List and to trading on
the main market of the London Stock Exchange.

Payment of the 50 pence per share by way of capital repayment or special
dividend will be made on 6 August 2004.


Contacts:

Toby Courtauld, Chief Executive
Great Portland Estates plc                                020 7612 1442

John Whiteley, Finance Director
Great Portland Estates plc                                020 7612 1434

Edward Orlebar                                                
Finsbury                                                  020 7251 3801



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