Bullring - Letting Update

Hammerson PLC
17 July 2003

Bullring: 95% of Retail Income Secured

Hammerson plc and Land Securities Group PLC announce that eight weeks ahead of
the opening of Bullring on 4 September, The Birmingham Alliance has signed
leases or agreed terms in respect of 95% of the expected annual retail income
for the shopping centre. Europe's largest retail-led city centre regeneration
project, the three level Bullring, provides a total of 110,000 m(2) (1.2 million
ft(2)) space on a 26 acre site.

Bullring is anchored by both Selfridges, which will be opening its fourth UK
store, and Debenhams, which will be launching its 2010 concept.

In addition to the anchor stores, 64 retailers not previously represented in
Birmingham have taken stores. A total of 18 retailers will be relocating to
Bullring from sites elsewhere in the city and 54 retailers will be taking units
in Bullring and retaining existing shops in Birmingham.

John Richards, Chief Executive of Hammerson, which is project managing the
scheme, said:

'Bullring will undoubtedly prove to be a premier European retail destination.
The tremendous letting progress achieved underlines the success of the
development, and promotes a tenant mix which will be particularly attractive to
shoppers.

We shall open in early September and anticipate very few unlet units within the
scheme. We have achieved Zone A rents in excess of £300/ft2, with rent-free
periods in line with our original forecasts.'

James Darkins, Global Director, Property, of Henderson Global Investors,
commented:

'The £530 million Bullring, Europe's largest urban regeneration project has
achieved the dual objective of providing an economic return to its private
sector investors whilst delivering an outstanding city centre to the people of
Birmingham. This was achieved by a highly successful public/private partnership,
harnessing the vision and commitment of Birmingham City Council with the
capital, resources and project expertise of The Birmingham Alliance.'

Ian Henderson, Land Securities Group's Chief Executive, said:

'Bullring's contribution to Birmingham's economy is being hailed as a major
example for future city centre regeneration projects across Europe and is having
a far-reaching effect on the city.

The development has brought about a series of major changes in Birmingham's
infrastructure: opening up the way for the regeneration of Eastside; increasing
the city's accessibility through the refurbishment of Moor Street Station; and
bringing some 8,000 new job opportunities in the process.'

For further information contact:

Olivia Whiteoak                     Vicki Staveacre                    Emma Denne
Corporate Communications Manager    Global Director, Corporate Affairs Head of Corporate Communications
Hammerson plc                       Henderson Global Investors         Land Securities Group PLC
Tel: [phone]                  Tel: [phone]                 Tel: [phone]



Notes to Editors

The Birmingham Alliance

The Birmingham Alliance - a partnership between Hammerson plc, Henderson Global
Investors, and Land Securities Group PLC - is regenerating over 26 acres of
Birmingham in the development of Bullring, Europe's largest city centre
retail-led urban renewal project. The former 1960's Bull Ring Shopping Centre
has been demolished to make way for a series of new squares and covered streets
with 110,000 m2 of modern retail facilities. Opening on 4 September 2003, the
£530 million Bullring will provide premier shopping in 132 retail units over
three levels and will restore historic pedestrian linkages between New Street
and High Street, the market area and the future regeneration area at Eastside
and Digbeth.

Hammerson plc

Hammerson plc is a leading European real estate investment and development
company. Established over 50 years ago, the group has operations in the UK,
France and Germany. Its high quality portfolio is valued at around £4 billion,
and provides nearly 1,250,000m2 of retail space, through a portfolio of shopping
centres and retail parks, and over 250,000m2 of prime offices in central London
and Paris. Hammerson has a reputation for operating well managed properties,
providing attractive and efficient environments which meet occupiers' changing
needs. Hammerson is currently progressing proposals for the regeneration of
several other major city centres in the UK, including Bristol, Sheffield and
Leeds.

Henderson Global Investors Ltd

Henderson Global Investors is a leading international investment management
company operating worldwide. Employing some 1500 people globally, including over
300 investment professionals, it offers a wide range of investment products and
services to institutions and individuals in Asia Pacific, Europe and North
America. Managing assets of £89 billion, the company's main business areas are
active and fixed interest asset management, property, private capital, listed
investment trusts, retail unit trusts and offshore and hedge funds distributed
through a combination of both retail and wholesale channels. Property is a key
component of Henderson's asset management business. It is a worldwide capability
with operations in the UK, Continental Europe, North America, Australia, New
Zealand and Singapore and has a total of £10.1 billion under management.
Henderson has significant retail expertise. In addition to being a joint venture
partner in The Birmingham Alliance, it is also a 50% shareholder in Pradera, a
specialist manager of out of town retail property funds for Continental Europe.

Land Securities Group PLC

Land Securities Group PLC provides commercial accommodation and property
services to a wide range of occupiers across the United Kingdom. Its £7 billion
investment portfolio is focused on four core sectors: offices and shops in
Central London, shopping centres, out-of-town retail parks and industrial
properties located in the South East. In addition, the group is a market leader
in the new area of total property outsourcing, providing accommodation and
property related services to Government and major corporations such as BT and
the BBC. Through its extensive development programme, Land Securities is
committed to the retail-led regeneration of several major city centres and
brownfield sites in the south east, as well as new office schemes in central
London.




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