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Great Portland Ests. (GPOR)

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Tuesday 12 November, 2002

Great Portland Ests.

Disposal

Great Portland Estates PLC
12 November 2002



12 November 2002





            Great Portland Announces £75 million Property Disposals



Great Portland Estates P.L.C. announces property sales of £75.5 million in two
separate transactions, generating a profit against March 2002 book values of
£1.1 million, net of costs.



In London, it has sold the freehold interest in 21 Bloomsbury Street, WC1, to
the Prudential Annuity Fund for just over £41 million. The 74,000 sq. ft. office
building houses The Insolvency Service and, following a restructuring of the
existing lease, is let to the Government on a non-assignable basis for 20 years
with fixed rental uplifts throughout the term. The price paid reflects a net
initial yield of 6%.



Outside London, it has sold its freehold interest in Weybridge Business Park,
Addlestone Road, Weybridge to a life assurance company for a price of £34.3
million, representing a net initial yield of 7.1%.



The 156,000 sq ft business park was built in the 1980's on ground and first
floors and comprises a mix of nine terraced and detached units. It is multi-let
to, amongst others, IBM, CSC Computer Sciences and Toshiba Ltd, with leases
expiring between 2007 and 2014.



Robert Noel, Great Portland's property director, said: 'The sale of Weybridge
reflects our stated aim to concentrate on Central London markets, whilst at
Bloomsbury Street the sale of the annuity cash flow we have created crystallises
a valuation uplift and releases capital we can put to better use elsewhere.'




Contacts:
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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