Disposal

Hammerson PLC
25 September 2001

 
Hammerson Exchange of Contracts to Sell 54 boulevard Haussmann, Paris 
 

Hammerson has exchanged conditional contracts to sell 54 boulevard Haussmann,
Paris 9eme to DEKA for FF1,080 million (£98 million). Subject to satisfactory
fulfilment of the conditions outstanding, it is anticipated that completion
will take place early in 2002.

DEKA is Germany's largest manager of open-ended real estate funds and the
property will be held by DEKA Immobilien Funds. This is DEKA's first retail
acquisition in Paris and is in line with the group's long term strategy.
 
Hammerson acquired 54 boulevard Haussmann in November 1994 and carried out a
major redevelopment of the freehold building, creating 12,800 square metres
(gross) of high quality retail space behind the existing facade. Prior to
completion of the development in 2000 the entire building was leased for 12
years to three major retailers, Galeries Lafayette, H&M and Burton.
 
Commenting on the transaction, John Richards, Chief Executive, Hammerson plc,
said:
 
     'This transaction demonstrates the continuing strength of the Paris
property investment market and the strong interest from international
investors. It enables us to crystallise a substantial development profit and
will provide funds for the group's development programme.
 
          It follows Hammerson's recent exchange of contracts to acquire a
block of buildings, centred around 14 boulevard Haussmann in central Paris,
for euro175 million (£106 million). Redevelopment of these properties will
start shortly to create 31,100 square metres (335,000 square feet) of high
quality office accommodation in this prime business location.'
 
Hammerson's French portfolio represented approximately 23% of the group's
total portfolio at 30 June 2001.
 
Hammerson was advised by Jones Lang LaSalle.
 
 
 
For further information:
 
John Richards                                         Tel: [phone]
Chief Executive, Hammerson plc
 
Christopher Smith                                     Tel: [phone]
Director of Corporate Affairs, Hammerson plc
 
Gerard Devaux                                      Tel: [phone]
Managing Director Hammerson Europe