Capital Reduction, etc

Great Portland Estates PLC
7 September 2000



GREAT PORTLAND ESTATES P.L.C.
CAPITAL REDUCTION AND SUBSEQUENT SHARE CONSOLIDATION


NOT FOR DISTRIBUTION IN UNITED STATES,CANADA,AUSTRALIA OR
JAPAN

Great Portland Estates P.L.C. (the 'Company') announces that
on 6 September 2000, the High Court of Justice confirmed the
reduction of capital of the Company, as previously approved by
Shareholders at the Extraordinary General Meeting of the
Company held on 26 May 2000.

Applications have been made to the UK Listing Authority for
214,450,645 ordinary shares of a 50p nominal value, (being the
issued shares in the capital of the Company following the
share consolidation and capital reduction and including
352,491 ordinary shares of 50p nominal value, after
allotment), to be admitted to the Official List and to the
London Stock Exchange for those shares to be admitted to
trading.

Dealings in the new ordinary shares of 50p each are expected
to commence on 11 September 2000.

Further Enquiries:

Great Portland Estates P.L.C.                 020 7580 3040
John Whiteley