Acquisition

HAMMERSON PLC
30 July 1999


Purchase of Extended Interest in The Liberty Centre, Romford


Hammerson  has  paid £52,400,000 in cash which reflects a yield  of  7.25%  to
Standard  Life  Investments to increase its interest in  The  Liberty  Centre,
Romford, from 50% to 99.5% with a further option to purchase the freehold  for
£500,000 in cash.

The  centre,  which  was  originally constructed in 1968  and  benefited  from
improvement  works in 1989 and 1994, comprises some 40,000 square metres of
retail  space in  90  units  with adjoining car parking for approximately
3,000  cars.   The centre is anchored by Marks & Spencer, Debenhams, Boots and
BHS.

Ronald Spinney, Chief Executive of Hammerson, said:

     'By  increasing  our  interest in the scheme we have  an  opportunity  to
     undertake  a  major  refurbishment of the  centre.    Romford  remains  a
     vibrant  retail  destination  and there is  strong  retailer  demand  for
     representation in the town.'

Alex Watt,  Managing Director of Standard Life Investments' Property  Division
added:

     'This transaction, coupled with other recent disposals in both the office
     and  retail sectors is part of a carefully considered strategy which  has
     freed  substantial  capital.  This is being reinvested  in  a  number  of
     exciting  new development opportunities here in the UK and in continental
     Europe.'


For further information:

Ronald Spinney                   Tel:  [phone]
Chief Executive
Hammerson plc

Christopher Smith
Director of Corporate Affairs
Hammerson plc

Alex Watt
Managing Director
Standard Life Investments        Tel:  [phone]