Repayment of Debt

Great Portland Estates PLC
14 May 2001

14th May, 2001

For immediate release

Great Portland Estates P.L.C.

9.5 per cent. First Mortgage Debenture Stock 2016 (the 'Stock')

Early redemption

Further to its announcement on 8th May, 2001, Great Portland Estates P.L.C.
announces that the redemption price of the Stock has been determined at £
128.226 per £100 nominal of Stock. Accrued interest will also be paid.

In accordance with the terms of the Trust Deed and circular to stockholders,
cheques will be dispatched on 16th May, 2001.

Further information:

Great Portland Estates P.L.C.

John Whiteley, Finance Director 020 7580 3040

Cazenove & Co. Ltd

Francis Burkitt, Director 020 7825 9942

This announcement has been approved for the purposes of section 57 of the
Financial Services Act 1986 by Cazenove & Co. Ltd, which is regulated by the
Securities and Futures Authority.