Repurchase and issue of debt

Great Portland Estates PLC
20 December 2006





Redemption of 7.25 per cent Debentures and New Issue of 5.625 per cent Debentures


Great Portland Estates plc ('GPE' or 'Company') announces that holders of 99.9
per cent of the outstanding amount of its 7.25 per cent First Mortgage Debenture
Stock 2027 (the '2027 Stock') have sold their holdings for cancellation to The
Royal Bank of Scotland acting on behalf of the Company.

The repurchase price of the 2027 Stock was set at a spread of 37.5bp over the
yield of 6 per cent Treasury Stock 2028 at 11am today. In total £31.6 million
nominal of the 2027 Stock has been purchased at a cost of £41.8 million,
excluding accrued interest, which will be funded from the Company's existing
credit facilities.

GPE's Income Statement for the year to 31 March 2007 will be impacted by the
post tax cost of the premium on early redemption of the 2027 Stock and
associated fees totalling £9.1 million or 5p per share.

GPE has today entered into a conditional placing agreement with Barclays Capital
and The Royal Bank of Scotland for a new issue of up to £50m nominal of GPE's
5.625 per cent First Mortgage Debenture Stock 2029. The new issue will be priced
at a spread of 75bp over the yield of 6 per cent Treasury Stock 2028 on the
pricing date which is expected to be in January 2007.

The effect of these transactions on GPE will be to:

• Reduce the annual interest cost by around £0.2 million
• Increase earnings per share and interest cover
• Cut the weighted average interest rate by 12bp to below 5.7 per cent
• Change the Mark to Market of debt from 10p to 4p per share.

Timon Drakesmith, Finance Director said; 'These tactical refinancing
transactions will further reduce GPE's cost of capital as we enter the REIT
regime in January whilst retaining sufficient committed financing to fund our
committed development schemes.'


Contacts:

Great Portland Estates plc
Timon Drakesmith, Finance Director         020 7647 3034

Barclays Capital
Jeremy Froud                               020 7773 9634

The Royal Bank of Scotland plc
Robert St John                             020 7085 3205
Andrew Burton                              020 7085 8056



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