RNS Number:9649I
Great Portland Estates PLC
20 March 2003



  Great Portland Estates buys 100,000 sq. ft. West End site for #16m and sells
                              non-core properties


Great Portland Estates P.L.C. ("GPE") has exchanged conditional contracts to buy
the freehold interests in Metropolis House, 39-45 Tottenham Court Road and 28
Percy Street, London W1 from clients of Threadneedle Asset Management Limited
for #16 million. This is GPE's first significant acquisition since Toby
Courtauld became chief executive in April 2002

Situated on the corner of Tottenham Court Road and Percy Street, Metropolis
House totals 82,000 sq. ft. of office and retail space, constructed in the early
1960's. It comprises a tower and podium building on basement to 12th floor, and
produces an annual rent of #312,500 from a banking hall and retail tenant
occupying the ground and first floors.  The office floors above are currently
vacant.  28 Percy Street is an adjoining period property of 2,500 sq. ft. and is
let to Aladdin Books Limited until 2009 at #67,500 per annum.

Planning permission has been granted to extend Metropolis House at podium level
and to carry out a complete refurbishment that will create well serviced,
modern, air-conditioned office and retail space totalling approximately 100,000
sq. ft. net.  GPE intends to implement this consent to deliver grade A 12,000
sq. ft. and 4,000 sq. ft. floors to the market in mid 2005.

Insignia Richard Ellis acted for GPE in the acquisition, whilst Hodnett Martin
Smith represented Threadneedle.

GPE also announces the sale of seven non-core, predominantly non-income
producing, properties for a total consideration of #16.4 million, comprising the
freehold interests at 33 Chancery Lane, WC2 and Hounslow House, 714/746 London
Road, Hounslow as well as the long leasehold interests in five residential flats
in Covent Garden. The combined rent from the properties as at the end of March
2003 would be #218,000 per annum.

33 Chancery Lane, a freehold office property totaling 22,680 sq. ft. has been
sold with full vacant possession to an owner occupier, The Trustees of the
Honourable Society of Lincoln's Inn, for #8.25 million.

Hounslow House comprises six floors of office accommodation totaling 56,600 sq.
ft. over an 8,500 sq. ft. ground floor retail parade.  With effect from 25 March
2003, the office accommodation will be vacant; the retail accommodation is let
at an annual rent of #103,750 to a variety of local traders on varying lease
expiries.  The property has been sold to St James Investments Ltd for #6
million.

These disposals continue the Company's stated strategy of selling non-core
assets, and bring total sales since March 2002 to #214 million - in line with
their March 2002 valuation.

Commenting on the transactions, GPE's Chief Executive Toby Courtauld said: 'The
acquisition of Metropolis House fits with our stated aim of investing in
properties with significant angles to exploit. Once refurbished, it will offer
high quality, competitively priced floor plates into a West End market that we
predict will be short of new grade A space by 2005. We are pleased to have
traded out of these seven properties at good prices and into an interesting
opportunity for us to create value into the next cycle.'


Contact:         Great Portland Estates P.L.C.           020 7580 3040
                 Toby Courtauld, Chief Executive
                 Robert Noel, Property Director

                 Finsbury Group                          020 7251 3801
                 Edward Orlebar
                 Gordon Simpson



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