Disposal

Hammerson PLC
27 June 2002







Hammerson Sells Freshney Place, Grimsby



Hammerson has exchanged contracts for the sale of its freehold interest in
Freshney Place Shopping Centre, Grimsby, to Grosvenor to raise net sale proceeds
of £98.9 million, approximately £3 million above its valuation on 31 December
2001. The property generates a gross rental income of approximately £7.8 million
per annum.

Commenting on the sale, John Richards, Chief Executive, Hammerson plc said:


             'Today's transaction represents a good opportunity for the group to
        realise the value of its investment in Freshney Place. We shall use the
        proceeds to fund our continuing development programme, which includes
        Bullring in Birmingham and other inner city regeneration projects

             In addition, this year we have purchased interests in two major
        shopping centres, The Shires in Leicester and Parinor near Paris. These
        acquisitions demonstrate our continuing commitment to building our high
        quality European retail property business.'

        Following the disposal, Hammerson's shopping centre portfolio has a
        value of approximately

        £2.1 billion, made up of 20 centres, providing nearly 1,000,000 m2 of
        space.

Hammerson was advised by Savills and Donaldsons and the purchaser was
represented by Jones Lang LaSalle.




For further information:

John Richards             Tel: [phone]

Chief Executive           Fax: [phone]


Christopher Smith

Director of Corporate Affairs





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