Hammerson Joint Venture

Hammerson PLC
5 September 2001



Hammerson Joins The Moor House Limited Partnership

 
Hammerson plc has joined The Moor House Limited Partnership for an investment
of £20 million. Hammerson now has a one third interest in the partnership and
the existing partners, Greycoat Estates Limited ('Greycoat') and Henderson
Global Investors ('Henderson'), each retain a one third interest.
 
Moor House occupies a prominent location at the junction of London Wall and
Moorgate and the existing building is vacant pending redevelopment.
Demolition will start shortly, prior to the construction of a 29,100 sq.m.
(313,000 sq.ft.) 19 storey office building designed by Foster and Partners.
The building will provide adaptable accommodation with typical floors from
1,300 sq.m. to 1,900 sq.m. (13,980 sq.ft. to 20,420 sq.ft.).
 
Completion is scheduled for April 2004 at a total estimated development cost
of £204 million. A new 150 year head lease will be granted by the Corporation
of London.
 
John Richards, Hammerson Chief Executive, said:
 
'This is an exciting opportunity to create a prestigious building
in a first class location which fits in well with our existing development
programme.'
 
Clive Castle, Divisional Director of Henderson said:
 
'We welcome the addition of Hammerson to this project. We look
forward to working with them to deliver this major scheme and expanding our
relationship following our successful joint ventures in both Birmingham and
Bristol.'
 
Chris Strickland, Development Director, Greycoat, commented:
 
'This transaction is the catalyst for the redevelopment to proceed
and we look forward to working together to deliver this outstanding building.'

Judith Mayhew, Chairman of The Policy and Resources Committee, The
Corporation of London, commented:
 
'The strong demand for high quality office buildings such as Moor
House is evidence of the City of London's continuing role as Europe's
financial capital and the world's leading international financial and
business centre. This striking building will be a new landmark for London's
skyline'.
 
The three partners were advised by Strutt & Parker and the joint leasing
agents are Strutt & Parker and Jones Lang LaSalle.
 
For further information:
 
John Richards                                Tel: [phone]
Chief Executive                              Fax: [phone]
Hammerson plc
 
Christopher Smith                            Tel: [phone]
Director of Corporate Affairs                Fax: [phone]
Hammerson plc
 
Chris Strickland                             Tel: [phone]
Development Director                         Fax: [phone]
Greycoat Estates Limited
 
Clive Castle                                 Tel: [phone]
Divisional Director                          Fax:[phone]
Henderson Global Investors