Disposal

Hammerson PLC
25 February 2008







London Office Portfolio



Hammerson and its joint venture partner Kajima have contracted to sell their
long leasehold interest in One London Wall, an 18,500 m(2) office scheme in the
City of London, for a consideration of £136 million, before allowance for
rent-free periods and costs amounting to   £2.0 million. The purchaser is One
London Wall Ltd, a company controlled by Hansainvest, a German insurance
company. The building generates a net rental income of £7.7 million per annum.



The development of One London Wall was completed in 2003 by the 50:50 joint
venture at a total cost to Hammerson of £50 million. Hammerson's £67 million
share of the net sale proceeds compares with the book value at 31 December 2007
of £69 million.



In a separate transaction, Hammerson and its joint venture partners GE Capital
and Bank of Ireland have secured the first letting for their major development
at 125 Old Broad Street, London EC2. French law firm Gide Loyrette Nouel has
signed a lease for 3,100 m(2) of office accommodation on levels 13-15 of the
building, paying £60 per ft(2). The lease term is 14 years with no break clause,
and a 23-month rent-free period from practical completion, scheduled for April
2008.





John Richards, Chief Executive of Hammerson, said:



'These transactions reflect continuing demand from both investors and occupiers
for high quality property in the City of London. Our development at 125 Old
Broad Street provides attractive accommodation for blue-chip occupiers and, as a
building which is designed to be multi-let, is suited to the current market.'






Enquiries:
John Richards, Chief Executive                                      Tel:  [phone]
Christopher Smith, Director of Corporate Affairs                    Tel:  [phone]

                                                                    [e-mail]





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