Sales/Return of Capital

Great Portland Estates PLC
18 July 2000


                  GREAT PORTLAND ANNOUNCES FURTHER SALES OF
                             NON-CORE PROPERTIES
                       AND TIMING OF RETURN OF CAPITAL


On  8 March 2000, the Board of Great Portland Estates P.L.C. ('Great Portland'
and  the  'Company')  announced a major strategic  initiative  to  widen  and
accelerate its property disposal programme and to use the proceeds to  return
80  pence per share in cash to shareholders; full details were provided in  a
Circular  to  shareholders  on 18 April.  Two of  the  preconditions  of  the
capital  reduction, through which the 80 pence per share payment  was  to  be
effected, were met on 26 May when shareholders gave their approval to it, and
on 1 June when the 9.5% Convertible Unsecured Loan Stock 2002 was redeemed in
full.

Great  Portland announces that it has now effected sales of £400  million  in
aggregate, of which £179 million has been received and £221 million has  been
exchanged, with completion due before the end of July.  A further £20 million
of sales are in solicitors' hands.  Accordingly, application has been made to
the  Court,  and the Petition Hearing is likely to be set for  September.  On
confirmation  by the Court, the 80 pence per share will be paid approximately
two  weeks after the Petition Hearing to shareholders on the register on  the
day before it.  As part of the capital reduction process, all existing shares
will  be  cancelled,  and  three new shares will be  issued  for  every  five
previously held.

The  Company has obtained clearance from the Inland Revenue that the proposed
return  of cash to shareholders will be treated as a capital receipt  for  UK
tax purposes.

Richard Peskin, Chairman, said:

'I am delighted to report on the successful implementation of the initiatives
which  the Board entered into a few months ago.  I believe that the  relative
out-performance of our shares against the sector since the beginning  of  the
year is recognition that this strategy is delivering shareholder value.'

Further Enquiries:

Great Portland Estates P.L.C.           020 7580 3040
Patrick Hall
Peter Shaw
John Whiteley