Return of Cash

Great Portland Estates PLC
28 July 2004


28 July 2004

  Return of 50 pence per share to shareholders by way of a Capital Repayment or
                                Special Dividend

The board of Great Portland Estates plc announces that today the High Court has
sanctioned the Reduction of Capital, which was announced on 26 May 2004 as part
of the proposals for returning cash to shareholders and which was approved at
the Extraordinary General Meeting held on 9 July.

The Reduction of Capital is expected to become effective on 30 July 2004, when
the Company's issued ordinary share capital will be subdivided and consolidated
on the basis of 4 New Ordinary Shares for every 5 Existing Ordinary Shares.

Accordingly, application has been made to the UK Listing Authority for
162,474,812 New Ordinary Shares of 12.5 pence each to be admitted to the 
Official List, and to the London Stock Exchange for these shares to be admitted 
to trading. Dealings are expected to commence at 8:00 a.m. on 30 July 2004.

Payment of the 50 pence per share by way of Capital Repayment or Special
Dividend is expected to be made on 6 August 2004.


Contacts:

Toby Courtauld, Chief Executive
Great Portland Estates plc                                020 7612 1442

John Whiteley, Finance Director
Great Portland Estates plc                                020 7612 1434

Edward Orlebar                                                
Finsbury                                                  020 7251 3801


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