Disposal

Great Portland Estates PLC
24 August 2005


24 August 2005

Great Portland sells 90 Fetter Lane for £37.3 million

Great Portland Estates plc ('GPE') announces that it has exchanged contracts for
the sale of its freehold interest in 90 Fetter Lane, London EC4 to Blue Capital
Europa Immobilien GmbH for £37.33 million. The price to be paid represents an 8%
premium to the property's book value at 31 March 2005.

The property was constructed by GPE in the early 1990's and comprises 58,000 sq
ft of office space over 6 floors let to two firms of solicitors; Bird & Bird and
Goodman Derrick and a 4,000 sq ft public house let to Mitchells & Butlers. The
current rent receivable of £2,467,590 per annum reflects a headline office rent
of £44.50 per sq ft, compared to a market value of £33.50 per sq ft as at March
2005, and shows the purchaser a net initial yield of 6.25% after acquisition
costs. Weighted by rent, the average unexpired lease length is 10 years.

Toby Courtauld, Chief Executive of GPE said; '90 Fetter Lane has performed well
over the last two years and we believe this is the right time to crystallize our
position and recycle the capital more profitably elsewhere, in line with our
strategy to actively manage the group's portfolio.'

Contacts:

Great Portland Estates plc
Toby Courtauld Chief Executive                                     020 7612 1442

Finsbury
Edward Orlebar                                                     020 7251 3801
Charlotte Hepburne-Scott




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