Martineau Place Sale

Hammerson PLC
22 July 2004


For immediate release - Thursday, 22 July 2004


The Birmingham Alliance Exchanges Contracts to Sell Martineau Place


The Birmingham Alliance, a partnership between Hammerson plc, Henderson Global
Investors Ltd and Land Securities Group PLC, has exchanged contracts for the
sale of its leasehold interest in Martineau Place, Birmingham, to a private
company to raise sale proceeds of £93 million net of costs. It is anticipated
that completion will take place in early September 2004.


Under the terms of the transaction, The Birmingham Alliance may be required over
the next three years to make additional payments to the purchaser, dependent on
the level of rents receivable. The estimated cost is approximately £400,000,
with the total amount payable capped at £1.8 million.


Martineau Place, which includes 16,300 m(2) (175,400 ft(2)) of retail and 6,800
m(2) (73,200 ft(2)) of offices, was developed by The Birmingham Alliance and
opened in 2001. As at 30 June 2004, the scheme had annual passing rents of £6.3
million.


Commenting on behalf of The Birmingham Alliance, Lawrence Hutchings, Senior
Portfolio Manager at Henderson said:


   'We are pleased with the sale of Martineau Place, which focuses our
   investment in Birmingham on the successful Bullring scheme and on Martineau
   Galleries, where we see the potential for further growth.'


The Birmingham Alliance was advised by DTZ and Frank Warwick.

For further information please contact:

Henderson Press Office                                        Tel: [phone]
                                                       [e-mail]

Emma Denne                                                    Tel: [phone]
Director of Corporate Communication, Land Securities Group


Olivia Hall                                                   Tel: [phone]
Corporate Communications Manager, Hammerson                [e-mail]

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