Asset Swap with Henderson

Great Portland Estates PLC
22 November 2004


22 November 2004

Great Portland and Henderson Swap City Assets

Great Portland Estates plc ('GPE') has agreed to sell two central London office
buildings to, and acquire one office building from, the Henderson Central London
Office Fund ('CLOF') a Jersey property unit trust administered by Henderson
Global Investors ('Henderson').

The two office buildings being sold are Barnard's Inn, 86 Fetter Lane, London
EC4 and 38 Finsbury Square, London EC2. Together the buildings comprise 148,000
sq ft and produce a current annual net rent of £3.4 million. Approximately £0.8
million will be paid to Henderson to cover various outstanding rent free
periods. Net of this payment, GPE will receive £56.1 million from the sales
realising a surplus on the March 2004 book values of £5.5 million. The proceeds
will be used for general corporate purposes.

GPE are also acquiring the freehold interest of Ellerman House, 12/20 Camomile
Street, London EC3 for £19.5 million. The office building, which sits between
existing GPE holdings, comprises 91,000 sq ft let to P&O Property Holdings Ltd
until June 2005 at a current net annual rent of £2.8 million.

Toby Courtauld, Chief Executive of GPE, said ' We are delighted to have agreed
this transaction. Late last year we took a surrender of a lease of 85,000 sq ft
of the 104,000 sq ft at Barnard's Inn and simultaneously let 55,000 sq ft to
Marriott, the international hotel group. Since then we have refurbished the
three remaining floors of which one has been let and we have created a first
class institutional product. At Finsbury Square the unexpired weighted average
lease term is under 2 years and the building does not form part of our future
plans in the City.

Ellerman House is a significant acquisition for us as it lies between our
existing holdings on Bishopsgate and St Mary Axe and together they provide a
significant redevelopment opportunity in 2011 when the majority of our existing
income expires. In the meantime it will be re-let on short term flexible leases
when the existing income expires next year '.

Clive Castle, Investment Director of CLOF, said 'I believe that this is a good
deal for both parties. GPE has acquired a key part of a major City development
site and CLOF has swapped this for two good quality standing investments which
complement its existing portfolio'.



Contacts:

Great Portland Estates plc
Toby Courtauld      Chief Executive         020 7612 1442
Robert Noel         Property Director       020 7612 1443

Henderson Global Investors
Clive Castle         Fund Manager - CLOF    020 7818 5603

Finsbury
Edward Orlebar                              020 7251 3801




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