GCP West End property swap

Great Portland Estates PLC
21 February 2008


PRESS RELEASE

Great Capital Partnership in major West End property swap

The Great Capital Partnership ('GCP') announces that it has completed a swap
transaction with The Crown Estate ('the Crown') involving 580,000 sq ft in
aggregate of property in central London which had a value as at 31 December 2007
of £357.6 million. GCP is a 50:50 central London joint venture between Great
Portland Estates plc ('GPE') and Liberty International subsidiary Capital &
Counties Ltd ('C&C') and is managed by GPE.

In this transaction GCP has swapped three of its properties in exchange for
three new leasehold properties, one freehold and more favourable terms on a
number of its other leaseholds. This major transaction unlocks both immediate
marriage value and future development opportunity for both GCP and the Crown. It
is made up of three parts, the details of which are set out below.

1. The acquisition by GCP of the following interests from the Crown:

   • The freehold interest in 26/40 High Street Kensington, W8. The building
     was previously held leasehold by GCP with 104 years remaining paying a
     headrent to the Crown of 5% of gross rental value ('headrent gearing').

   • 150 year leasehold interests in the following properties where GCP had
     no previous interest:

        o  98 Portland Place, W1;
        o  7-8 Park Crescent & 1-15 Park Crescent Mews, W1; and
        o  211 Great Portland Street, W1.

2. The extension and improvement of GCP's existing leasehold interests from the
   Crown as follows:

GCP and the Crown have regeared various leasehold interests extending their
length, reducing the rent paid to the Crown and loosening various operational,
user and development restrictions which will enable GCP to significantly
refurbish and redevelop the properties over time.

   • GCP has been granted new leases for 125 years, up from the old average
     unexpired terms of 79 years. The new headrent gearing is 4%, down from a
     weighted average of 12%:

        o  Walmar House, 288-300 Regent Street, W1;
        o  Spirella House, 266-270 Regent Street & 249 Oxford Street, W1;
        o  Regent Arcade House, 252-260 Regent Street & 19/27 Argyll Street, W1;
        o  Carrington House, 126-130 Regent Street & 36-40 Warwick Street, W1; 
           and
        o  100 Regent Street & 31-39 Glasshouse, W1.

   • GCP has been granted new leases for 150 years up from the old term of 74
     years, at a similar nominal ground rent and now allowing residential
     development at:

        o  10/12,13/14,16/28 Park Crescent, W1; and
        o  92/96 & 77/83 Portland Place W1

3. The transfer by GCP to the Crown of the following assets:

   • The freehold interest in 21 Sackville Street, W1 where the Crown had no
     previous interest; and

   • The leasehold interests in the following properties where the Crown
     already had the freehold:

        o  Victory House, 99-101 Regent Street, W1; and
        o  Kendal House, 203 Regent Street & 1 Conduit Street, W1.

    These transferred assets were valued at £61.1 million at 31 December 2007 
    and produced an annual rent, net of ground rents of £2.6 million per annum.

A schedule showing the various holdings and interests along with the effect on
GCP's net rental income resulting from the transaction is set out on the
attached schedule. To view the attached schedule please cut and paste the below 
link into your web browser:  

http://www.rns-pdf.londonstockexchange.com/rns/4395o_-2008-2-20.pdf

The retained, improved assets were valued by CB Richard Ellis at £378.3 million
as at 31 December 2007. After transaction costs estimated at £2.7 million, this
valuation implies an immediate net surplus of £18.0 million over GCP's opening
position principally due to the improved terms of the longer leases.

The retained assets, all located in prime West End positions are currently let
at an average office rent per sq ft of only £29.37 per sq ft and, as at 31
December 2007 had an average rental value of £42.34 per sq ft . Although GCP's
aggregate net rental income will, initially, fall by £1.5 million per annum, the
retained assets' improved interests will provide GCP with a pipeline of
exceptionally located refurbishment and redevelopment options enabling it to
generate an enhanced income return over the medium term.

Toby Courtauld, Chief Executive of GPE said: 'This is an important transaction
for GCP in that it not only creates value today, but it also improves our
ability to reposition the retained properties over time thereby improving their
growth prospects.'


Contacts:

Great Portland Estates plc
Toby Courtauld     Chief Executive             020 7647 3042
Robert Noel        Property Director           020 7647 3043

Finsbury
Gordon Simpson                                 020 7251 3801

Capital & Counties
Ian Hawksworth     Managing Director           020 7887 7041
Gary Marcuccilli   Director                    020 7395 2751

The Crown Estate
Andrew Payne       Communications Manager      020 7851 5271


Notes for Editors

LIBERTY INTERNATIONAL PLC is the UK's third largest listed property company and
a constituent of the FTSE-100 Index of the UK's leading listed companies.
Liberty International converted into a UK Real Estate Investment Trust (REIT) on
1 January 2007.

Liberty International owns 100 per cent of Capital Shopping Centres ('CSC'), the
premier UK regional shopping centre business, and of Capital & Counties, a
retail and commercial property investment and development company.

At 31 December 2007, Liberty International owned £8.6 billion of properties of
which UK regional shopping centres comprised 75 per cent and retail property in
aggregate 88 per cent. Shareholders' funds and minority interests amounted to
£4.7 billion. Assets of the group under control or joint control amounted to
£11.0 billion at that date.

CAPITAL SHOPPING CENTRES has interests in 14 UK regional shopping centres
amounting to 12.6 million sq ft in aggregate including 8 of the UK's top 21
regional shopping centres with a market value of £6.5 billion at 31 December
2007. CSC's largest centres are Lakeside, Thurrock; MetroCentre, Gateshead;
Braehead, Renfrew, Glasgow; The Harlequin, Watford; and Manchester Arndale. In
addition, CSC has three major development projects in progress or with planning
permission in Cardiff, Newcastle and Oxford.

CAPITAL & COUNTIES owned assets of £2.2 billion at 31 December 2007 amounting to
7.2 million sq ft in aggregate. Capital & Counties had £664 million invested in
the Covent Garden area including the historic Covent Garden Market, and £353
million in Central London, primarily through the Great Capital Partnership, a
joint venture with Great Portland Estates plc. Capital & Counties acquired 50
per cent of EC&O Venues (Earls Court and Olympia Group) in 2007 for a sum that
valued the assets at approximately £375 million. In addition, Capital & Counties
has interests in the USA amounting to £381 million (2.7 million sq ft),
predominantly comprising retail assets in California, including the 856,000 sq
ft Serramonte Shopping Centre, Daly City, San Francisco.

GREAT PORTLAND ESTATES plc is a central London investment and development
company and a constituent of the FTSE 250 index. It aims to deliver superior
returns to shareholders through active management, the application of
development skills to create value and the maximising of equity returns through
efficient capital structuring and flexible financing. GPE converted into a UK
Real Estate Investment Trust (REIT) on 1 January 2007.

At 31 December 2007 GPE's portfolio, including its share of joint ventures, was
valued at £1,699 million of which 81% was in the West End and 19% in the City
and Southwark markets.

Great Capital Partnership was formed in April 2007 and is the third joint
venture for GPE following the Great Victoria Partnership, formed with Liverpool
Victoria Friendly Society in January 2005 and the Great Wigmore Partnership
formed with Scottish Widows Investment Partnership in July 2006.


This press release includes statements that are forward-looking in nature.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
Liberty International PLC and Great Portland Estates plc to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Any information contained in this
press release on the price at which shares or other securities in Liberty
International PLC or Great Portland Estates plc have been bought or sold in the
past, or on the yield on such shares or other securities, should not be relied
upon as a guide to future performance.




                      This information is provided by RNS
            The company news service from the London Stock Exchange