Acquisition

Hammerson PLC
12 March 2001



Hammerson Acquires Additional City Development Interest
 
 
Hammerson has exchanged contracts to acquire the remaining one third interest
in Spitalfields Development Group ('SDG') from Balfour Beatty for £11
million. This follows the announcement on 20 December 2000 of Hammerson's
acquisition of a two thirds interest in SDG.
 
A consideration of £1 million was paid on exchange of contracts and £7
million is payable on completion of the acquisition in December 2001. The
balance of £3 million will be paid when certain construction and letting
targets have been achieved.
 

For further information:
 
John Richards
Chief Executive                                        Tel: [phone]
 
Christopher Smith
Director of Corporate Affairs