Disposal

Hammerson PLC
25 February 2004




For immediate release - Wednesday, 25 February 2004



Hammerson - Sale of London Office Building for £47.7 million

Hammerson plc has today exchanged contracts and completed the sale of 21
Moorfields, London EC2, to The Gertner Family Interests, in partnership with the
Novyon Foundation, realising net sales proceeds of £47.7 million, slightly in
excess of its book value at 31 December 2003.

Built in 1973, 21 Moorfields is a 14,000 m(2) office building, which is let to
Lazard Bros & Co. (who are not currently in occupation) under a lease expiring
in 2008. Hammerson acquired the building in 1992, which now produces a rental
income of £5.6 million per annum. In 2001, Hammerson obtained outline planning
consent to redevelop the site with a new office building of 40,000 m(2).

John Richards, Chief Executive of Hammerson said:

'This sale will release resources for investment in other projects. The group
has a substantial pipeline of future development opportunities both in the
retail and office sectors.'

Fordgate Limited advised the purchasers.



For further information:

John Richards                                          Tel: [phone]
Chief Executive

Christopher Smith                                      Tel: [phone]
Director of Corporate Affairs                          [e-mail]




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