Great Portland Estates PLC 04 May 2006 4 May 2006 GPE takes further profits Great Portland Estates plc ("GPE") announces the sale of two London office properties, one in Victoria, the other North of Oxford Street, at an aggregate sale price of £47.0 million, representing an initial yield of 4.8% and a premium of 28% to their September 2005 book values. In Victoria, the Group has sold its freehold interest in Gillingham House, Gillingham Street, SW1, to Scottish Widows Unit Funds Ltd for £21.4 million. The property comprises a recently refurbished six storey office and residential building fronting Gillingham Street and a four storey distribution unit at the rear, both constructed in the 1970's and extending to approximately 43,000 sq ft. The eight tenancies produce a current income of £1.06 million per annum with a weighted average unexpired lease term of 9.4 years. The initial yield to the purchaser is 4.7% and the sale represents a price of approximately £500 per sq ft. North of Oxford Street, the Group has sold its long leasehold interest in 79 New Cavendish Street, W1, to Legal & General (Pensions Management) Limited for £25.6 million, reflecting a net initial yield of 4.9% and a capital value of £700 per sq ft. The 1960's property, last refurbished in the late 1990's, comprises an office building of 35,355 sq ft let to Colt Telecommunications, who are not in occupation, until June 2015, with a tenant break in 2010. Total net income from the property is £1.32 million per annum, reflecting £38.50 per sq ft on the offices. Robert Noel, Property Director of GPE said, "These disposals conclude a sales programme we initiated late last year to take advantage of the unprecedented appetite for property in the Capital. Off these prices, we can put the proceeds to better use elsewhere, such as into our expanding development programme across central London. Since September 2005, we have sold eleven properties for a total of £111.7 million at a premium of some 30% to their September book values". Contacts: Great Portland Estates plc Toby Courtauld Chief Executive 020 7647 3042 Robert Noel Property Director 020 7647 3043 Finsbury Edward Orlebar 020 7251 3801 Gordon Simpson 020 7251 3801 This information is provided by RNS The company news service from the London Stock Exchange