Statement re Settlement

Great Portland Estates PLC
4 July 2001



  £90 MILLION WESTERN SECTOR SCHEME SECURE AS GREAT PORTLAND ESTATES AND MAB
                             SETTLE OUT OF COURT

MAB Limited and Great Portland Estates P.L.C. have reached an out-of-court
settlement terminating the Funding Agreement for the £90 million Western
Sector Shopping Centre, High Wycombe, leaving MAB free to find alternative
funding.

The 43,500 sq. m. (445,000 sq. ft.) development, promoted by Wycombe District
Council, will be anchored by House of Fraser and include a new bus station,
library, multiplex cinema and health and fitness club.

The scheme already has planning consent and the Compulsory Purchase Order for
the site assembly was confirmed in May 2000. Work on site will commence in
September 2002.

MAB's Managing Director, David Easson, said: 'We are pleased that this matter
has been settled amicably, enabling us to focus on our main objective of
delivering this scheme. We are working closely with Wycombe District Council,
who have been extremely supportive of our proposals, and we look forward to
delivering the Western Sector development for High Wycombe.'

Great Portland Estates is the owner of the adjoining Octagon Shopping Centre.
Great Portland's David James said: 'As owner of the Octagon Centre we have
always supported the Western Sector development and we will continue to work
with MAB and Wycombe District Council to see a successful integration of the
schemes.'



Enquiries:

Great Portland Estates P.L.C.

David James

020 7580 3040



Tamesis

Anthony Danaher

020 7734 1252