Great Portland Estates PLC 09 January 2006 9 January 2006 GPE profits from Mayfair sale Great Portland Estates plc ("GPE") announces the sale of its virtual freehold interest at 27 Albemarle Street, London, W1 to The Church Board of Finance Property Fund for £13.5m, a premium of 29% to the property's September 2005 valuation. The 16,000 sq ft period building comprises 16% retail space over the lower ground and ground floors with seven upper floors of offices, accounting for 84% of the total area. The current rent is £600,900 per annum, and the weighted average unexpired lease term is 2.7 years. The sale price of £13.5m reflects a net initial yield of 4.2% and a capital value per square foot of £850 overall. Toby Courtauld, Chief Executive of GPE said, "Through this sale we are taking advantage of the strong institutional appetite for rack rented West End investment stock. Off this price, we can put the capital to better use elsewhere, such as into our expanding development programme". Contacts: Great Portland Estates plc Toby Courtauld Chief Executive 020 7612 1442 Robert Noel Property Director 020 7612 1443 Finsbury Gordon Simpson 020 7251 3801 This information is provided by RNS The company news service from the London Stock Exchange