AGM Statement

Great Portland Estates PLC
15 July 2003


               GREAT PORTLAND ESTATES plc - AGM STATEMENT

At today's AGM meeting of Great Portland Estates the Chairman, Richard Peskin,
made the following statement:


'The year to March 2003 was a busy one for Great Portland.  We began it by
refinancing the liability side of our balance sheet, purchasing a £130 million
103/4% Debenture 2001, thereby releasing some £230 million of assets from
charge.  With this flexibility, we continued to rationalise the portfolio with
property disposals totalling £216 million, using the proceeds to reduce gearing
to 32%.  We maintained approaching full occupancy with our void rate stable at
3%.  We made solid progress on our development prospects, initiated a new
acquisition programme spending some £20 million and considerably strengthened
the management team.


Since the year end, we have put a further £33million of properties under offer
to sell, at prices in line with March 2003 valuations. Our disposal programme is
now largely complete.


We continue to manage the portfolio aggressively looking for opportunities to
strengthen our rental cash flows, whilst keeping voids to a minimum.  Of the
113,000 sq ft currently void, approximately half is under offer.  If all these
transactions complete, the Group's void rate would reduce to 2% from 3% at the
year end.  This compares favourably with a central London void rate estimated to
be 11%.


In June, we reported that our core markets - the City and West End - were
challenging.  They remain so.  However, in the West End we are experiencing
encouraging levels of demand, particularly at the smaller end of the market, as
witnessed by the amount of space we have under offer at present.  We remain
positive about the outlook for this market and continue to work to bring our
development programme forward to coincide with a predicted shortage of grade A
space from 2005.


In the City, the near term outlook remains less positive.  Whilst there is
recent evidence of letting activity, the sheer quantity of tenant release space
and a larger pipeline of development product will combine to defer a recovery
beyond that in the West End.  With only 24% of our portfolio in the City, no
voids, and an average office rent per sq ft of £34, our exposure to this market
is limited.  Indeed, as we explained in the Annual Report, we took action during
the year to defer the Group's single largest potential void at 1/11 Camomile
Street, EC2, by extending the lease to Willis from 2004 to 2011.


In the investment markets, longer-dated income streams continue to trade at
aggressive levels, often to highly leveraged private buyers.  This is, however,
not an arena in which we are looking to compete as we believe we should be
focusing our attention on propositions where we can identify opportunities for
value enhancement.   Where we continue to see vendors' prices pegged at
unrealistic levels, we will remain on the sidelines.


We continue to work hard to position Great Portland favourably for the next
property cycle in London.  Levels of business activity will undoubtedly pick up
in the capital, leading to new space requirements and a return to a balanced
market.  With a strong balance sheet, a fully let portfolio and a skilled team,
we are well placed to benefit from a recovery.'


Contacts:

Great Portland Estates plc                                         020 7580 3040
Toby Courtauld, Chief Executive

Finsbury Group                                                     020 7251 3801
Edward Orlebar
Gordon Simpson


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