GPE takes further profits

Great Portland Estates PLC
04 May 2006



4 May 2006

GPE takes further profits

Great Portland Estates plc ('GPE') announces the sale of two London office
properties, one in Victoria, the other North of Oxford Street, at an aggregate
sale price of £47.0 million, representing an initial yield of 4.8% and a premium
of 28% to their September 2005 book values.

In Victoria, the Group has sold its freehold interest in Gillingham House,
Gillingham Street, SW1, to Scottish Widows Unit Funds Ltd for £21.4 million. The
property comprises a recently refurbished six storey office and residential
building fronting Gillingham Street and a four storey distribution unit at the
rear, both constructed in the 1970's and extending to approximately 43,000 sq
ft. The eight tenancies produce a current income of £1.06 million per annum with
a weighted average unexpired lease term of 9.4 years. The initial yield to the
purchaser is 4.7% and the sale represents a price of approximately £500 per sq ft.

North of Oxford Street, the Group has sold its long leasehold interest in 79 New
Cavendish Street, W1, to Legal & General (Pensions Management) Limited for £25.6
million, reflecting a net initial yield of 4.9% and a capital value of £700 per
sq ft. The 1960's property, last refurbished in the late 1990's, comprises an
office building of 35,355 sq ft let to Colt Telecommunications, who are not in
occupation, until June 2015, with a tenant break in 2010. Total net income from
the property is £1.32 million per annum, reflecting £38.50 per sq ft on the offices.

Robert Noel, Property Director of GPE said, 'These disposals conclude a sales
programme we initiated late last year to take advantage of the unprecedented
appetite for property in the Capital. Off these prices, we can put the proceeds
to better use elsewhere, such as into our expanding development programme across
central London. Since September 2005, we have sold eleven properties for a total
of £111.7 million at a premium of some 30% to their September book values'.


Contacts:

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

Finsbury
Edward Orlebar                                   020 7251 3801
Gordon Simpson                                   020 7251 3801
                                


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