Disposal

Great Portland Estates PLC
21 June 2006


                                                                     21 June 2006


                      Great Portland Estates forward sells
                  Tooley Street development for £94.3 million
                                        

Great Portland Estates plc ('GPE') announces it has agreed to forward sell its
proposed 200,000 sq ft office development at 154/172 Tooley Street, London, SE1
to UBS Global Asset Management (UK) Ltd ('UBS') for £94.3 million.

Purchased in four separate transactions from June to September 2004 for £20.0
million including costs, the Group obtained a resolution to grant planning
permission for the site in November 2005 and completed a Section 106 agreement
in March. Construction is scheduled to start later this year with completion of
the development due in early 2008. UBS will pay £36.2 million for the site,
generating a surplus for the Group of £7.7 million on the March 2006 book value.
Of this, £33.8 million is payable in July 2006 with two further payments
totaling £2.4 million to be paid over the next two years.

Construction works will be completed by GPE under a development agreement, with
all associated costs, estimated at £48.3 million, immediately reimbursed by the
purchaser. A construction profit estimated by the Group to be £9.8 million will
be paid by UBS on practical completion bringing total net proceeds (excluding
reimbursed construction costs) to £46.0 million. This represents a surplus of
£17.5 million to the March 2006 book value, equivalent to a post tax NAV uplift
of 8 pence per share and a return on the Group's capital employed of 78%.

Whilst construction cost risk remains with GPE, all other risks, including void
and letting risk have been transferred to the purchaser. A further profit
payment of up to £2 million is available to GPE subject to certain letting
targets being achieved by UBS.

Commenting on the transaction, Toby Courtauld, GPE's Chief Executive said, 'This
is further good business for GPE. Tooley Street is the single largest scheme in
our remaining near term development programme of 575,000 sq ft and we have now
realized our forecast profit, in an accelerated timeframe and at a much reduced
risk. Having recently made further acquisitions on Southbank at Blackfriars Road
and St Thomas Street, we look forward to developing our ideas on this next
pipeline of projects as well as delivering a first class product for UBS.'

Contacts:

Great Portland Estates plc

Toby Courtauld         Chief Executive              020 7647 3042
Robert Noel            Property Director            020 7647 3043


Finsbury

James Murgatroyd                                    020 7251 3801



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