Joint Venture Development

Hammerson PLC
02 November 2006



Hammerson Joint Venture, City of London Development Project



Hammerson plc has entered into a joint venture with two leading investors to
carry out the development of 125 Old Broad Street, London EC2.



GE Real Estate and Bank of Ireland (Private Banking) will each acquire a 25%
stake in the  125 OBS Limited Partnership for £37.5 million. Hammerson will
continue to own 50% of the partnership, and will be retained as the development
and asset manager of the scheme. Hammerson will use the proceeds to finance its
UK development programme.



Hammerson acquired the site of the former London Stock Exchange in June 2004 for
approximately £68 million. The site had planning consent for two major office
schemes, 125 Old Broad Street and 60 Threadneedle Street.



The redevelopment of the 26-storey tower building at 125 Old Broad Street will
provide 30,100 m(2) of Grade A office accommodation and 600 m(2) of retail
space. Construction started in February this year with completion scheduled for
December 2007. At 30 June 2006, Hammerson's 100% interest in 125 Old Broad
Street was valued at  £116 million.



Hammerson retains ownership of the adjacent site, 60 Threadneedle Street, which
has planning consent for a 20,600 m(2) nine storey office scheme.



John Richards, Chief Executive of Hammerson said:



     'Hammerson is delighted to be working with GE and Bank of Ireland Private
     Banking to deliver this landmark scheme. This sale demonstrates the 
     significant value Hammerson has added to the former Stock Exchange site 
     since it was acquired in 2004. We have seen a considerable increase in 
     demand for office space in the City this year and we anticipate that rental 
     values will continue to improve during 2007.'








Further information:


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

                                      Email: [e-mail]







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