Contracts Exchanged with Selfridges for New Store

Hammerson PLC
16 February 2000


                  SELFRIDGES TO OPEN NEW STORE IN BIRMINGHAM

Hammerson plc and its Birmingham Alliance partners, Henderson Investors and
Land Securities PLC, have exchanged contracts with Selfridges for a major new
store in the new Bull Ring, Birmingham.

The 260,000 sq ft (25,000 sq m) Selfridges will be the largest store in the
new development and together with Debenhams will provide very strong anchors
to the new centre.  Following this latest agreement more than half a million
square feet of the total development has been let.  Selfridges intend to
invest £40 million to create a distinctive and progressive landmark store to
house their total shopping experience.

Commenting on the announcement, Vittorio Radice, Chief Executive, Selfridges
said 'we are delighted to have secured this site in the new Bull Ring for our
third store and to be playing a part in the regeneration of one of the UK's
major cities.  We hope this new store will build on our success in Manchester
and we are continuing to search for further sites in the UK.'

Work at the new Bull Ring is progressing well with the indoor market hall on
schedule to open for Christmas trading 2000.  The Compulsory Purchase Inquiry
opened and closed on the same day (8th February 2000) with statutory
objections settled in advance.  Demolition of the Bull Ring is planned for
Spring 2001 - marking an important step towards the completion of Europe's
largest retail regeneration programme and Birmingham's retail renaissance.


For further information, please contact:

Hammerson plc                                Financial Dynamics
Chris Smith                                  Emma Denne
0171 887 1000                                0171 831 3113