Great Portland Estates PLC 17 January 2007 Great Portland Joint Venture sells in Gray's Inn Road 17 January 2006 Great Portland Estates plc ("GPE") announces its 50:50 JV with Liverpool Victoria Friendly Society, The Great Victoria Partnership ("GVP") has agreed to sell its Freehold interest in Verulam Gardens, 70 Gray's Inn Road, London WC1 to Arlington Property Investors on behalf of Alecta Pensionsforsakring, Omsesidigt, for £24.2 million, a premium of £7.8m or 32% to the 31 March 2006 book value adjusted for subsequent capital expenditure. The 36,000 sq ft office building was acquired by the GVP in January 2005 for £11.6m and last year GVP refurbished 10,000 sq ft of vacant space at a cost of £0.7m, half of which has recently been let setting a new rental tone for the building. The building currently produces a rent of £0.75m p.a. which will rise to £0.95m p.a. on expiry of a rent free period; the fourth floor comprising 5,400 sq ft is still available to let. The purchase reflects £672 psf, a net initial yield of 3.0% and an equivalent yield of 4.7%. Robert Noel, Property Director of GPE said "following refurbishment and repositioning of this asset we have achieved first class returns since acquisition two years ago. We have taken advantage of the good institutional appetite for Central London offices and will recycle the capital elsewhere." Contacts: Great Portland Estates plc Toby Courtauld Chief Executive 020 7647 3042 Robert Noel Property Director 020 7647 3043 Finsbury Gordan Simpson 020 7251 3801 James Murgatroyd 020 7251 3801 This information is provided by RNS The company news service from the London Stock Exchange