Disposal

Great Portland Estates PLC
16 January 2003



    Great Portland Estates P.L.C. announces £74.6m of property disposals


Great Portland Estates P.L.C. ('GPE') announces it has exchanged contracts to
sell three properties in three separate transactions for an aggregate cash
consideration of £74.6 million.  These disposals are in line with the company's
stated strategy of selling mature or ex-growth assets and bring total sales
since March 2002 to £198.4 million against a March 2002 valuation of £197.6
million.  The properties sold are as follows:

350/354 Oxford Street, London, W1 - a rack rented property comprising a retail
unit of 14,000 sq. ft. at basement, ground and mezzanine level let to Clinton
Cards on a lease until June 2013 at a rent of £1.57 million per annum,
equivalent to £450 per sq. ft. Zone A.  The upper floors of the building are let
on a 110 year lease at a fixed peppercorn rent to a hotel operator. The property
was sold to an Irish private investor for £25.4 million, which shows a net
initial yield to the purchaser of 5.8%.

King's Walk Shopping Mall, King's Road, London, SW3 - a combination of 120
King's Road, the King's Walk Shopping Mall and Ranelagh House, a residential
block at the rear of the property.  In total, it comprises 47,300 sq. ft. of
commercial space, 50 flats all sold off on long leases and 69 underground car
parking spaces, producing an aggregate gross rental income of £1.6 million per
annum.  Principal tenants include Gap, Virgin and Easyinternet Cafe.  O&H
Properties paid cash consideration of £25.8 million representing a net initial
yield of 6%.

Knollys House & Stephenson House, Cherry Orchard Road, Croydon - Triton Property
Fund, managed by UBS Global Asset Management, has paid £23.4 million for the
freehold interest in this 1960's office building.  The property, which is
adjacent to the East Croydon railway station, is largely unrefurbished and
comprises 180,000 sq. ft..  The building produces a gross income of £2.77
million per annum (a net initial yield to the purchaser of 11.25%) but requires
large scale refurbishment. Half of the income is overrented and well secured for
a further 51/2 years, with the remaining income short term.  Principal tenants
include The Secretary of State for Health, BRB (Residuary) and Jacobs
Engineering.

Toby Courtauld, Chief Executive said, 'The sale of these properties was planned
as part of a review of our assets last summer.  We have taken advantage of
hardening retail yields to sell our Oxford Street and King's Road holdings in to
the strong demand from private investors.  These assets are mature and we see
prime unit retail rents levelling off.  The sale of Croydon is part of the
orderly rationalisation of assets outside central London and follows the recent
sale of Weybridge Business Park in the Thames Valley, bringing the proportion of
our portfolio in Central London up to 94%.'

Contact:         Great Portland Estates P.L.C.                     020 7580 3040
                 Toby Courtauld, Chief Executive
                 Robert Noel, Property Director

                 Finsbury Group                                    020 7251 3801
                 Edward Orlebar


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