Disposal

Hammerson PLC
21 July 2003



Hammerson Sells Merseyway Centre, Stockport



Hammerson plc has sold its leasehold interest in the Merseyway Shopping Centre,
Stockport, to a private property company to raise net sale proceeds of £128
million. The 31,000 m2 shopping centre, built by Hammerson in 1966 and
refurbished in 1994, generates a net rental income of approximately £9.2 million
per annum.


The proceeds, which are close to book value, will be used to reduce the group's
borrowings.


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


  'In recent years we have substantially enhanced the quality of our
   retail portfolio with the openings of The Oracle in Reading, WestQuay in
   Southampton, and Bullring in Birmingham, which is nearing completion. Today's
   transaction is in line with our strategy of recycling capital. Following this
   disposal, Hammerson now owns only five properties that were in the portfolio 
   ten years ago.'


Hammerson's 16 shopping centres and 18 out-of-town retail holdings in the UK and
Continental Europe currently provide a total of over 1,200,000 m2 of space.


Hammerson was advised by Donaldsons and CB Hillier Parker.


For further information:



John Richards               Tel: [phone]
Chief Executive


John Bywater                Tel: [phone]
Managing Director, UK


Olivia Whiteoak   Tel: [phone]
Corporate Communications Manager [e-mail]





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