Great Portland Estates PLC 17 October 2005 17 October 2005 Great Portland buys on Oxford Street and sells from Great Victoria LP Great Portland Estates plc ("GPE") announces that it has exchanged contracts to purchase 184/190 Oxford Street and 28/30 Market Place, London, W1 from Pearl Assurance for £23 million. The property is leasehold, held on a 104 year unexpired lease at a fixed ground rent of £972 per annum. It comprises 9,124 sq ft of prime ground floor and basement retail space and 16,756 sq ft of offices over first to fifth floors. The retail accommodation is let to Office Holdings Ltd and C&J Clark on leases expiring in 2012/2013 whilst the office floors are multi-let. The property produces rental income of £1.34 million per annum and has a rental value of £1.6 million per annum. In an unrelated transaction, GPE announces that its joint venture with Liverpool Victoria Friendly Society, The Great Victoria Partnership ("GVP") has sold 81 & 82 Dean Street to Schroders Exempt Property Unit Trust ("SEPUT") for £20.2 million, a slight premium to the March 2005 book value. The price reflects an initial yield of 6.6%, having allowed for purchasers' costs. 81 Dean Street is let to TWBA (an Omnicom subsidiary) until 2014 at £510,000 per annum (£38 psf). 82 Dean Street is also let to TWBA although only until 2010 at £890,000 per annum (£44.00 psf). Both buildings were last refurbished in the 1980's and taken together, at March 2005, were 26% overrented. Following the disposal GVP has gross assets in excess of £200 million including the Mount Royal block on Oxford Street, The Liberty block on Regent Street and Liberty International Plc's headquarters in Victoria. Toby Courtauld, Chief Executive of GPE said; "the purchase of 184/190 Oxford Street and 28/30 Market Place gives us significant frontage to an improving pitch on Oxford Street, and adjoins our holdings immediately to the north in Market Place, an area that's in the process of improvement. The retail rents are reversionary, at below £400 Zone A, while the offices are fully let at low rents, and through landlord breaks in 2008 we have the opportunity to carry out a significant refurbishment to upgrade the quality of the accommodation". "At Dean Street, the partnership has capitalised on the strength of the investment market to dispose of an overrented asset with limited value angles to exploit for a healthy price". Contacts: Great Portland Estates plc Toby Courtauld Chief Executive 020 7612 1442 Robert Noel Property Director 020 7612 1443 Finsbury Edward Orlebar 020 7251 3801 This information is provided by RNS The company news service from the London Stock Exchange