Offer Update

Hammerson PLC
09 December 2002

Not for release, distribution or publication, in whole or in part, in or into
the United States, Canada, Australia or Japan





For immediate release
                                                             9 December 2002





                          Hammerson plc ('Hammerson')



     Recommended unconditional cash offer for Grantchester Holdings PLC 
                          ('Grantchester') (the 'Offer')



                              Closing of the Offer



On 29 October 2002 Hammerson announced that it had issued notices under Section
429 of the Companies Act 1985 (as amended) to those Grantchester Shareholders
who had not already accepted the Offer, informing them that it intended to
exercise its rights to acquire compulsorily all the Grantchester Shares in
respect of which valid acceptances of the Offer have not been received at the
expiry of the requisite notice period.



The notice period expired on 6 December 2002 and, accordingly, Hammerson will
exercise its rights to acquire compulsorily all such Grantchester Shares. On the
satisfactory conclusion of such acquisition, Hammerson will own 100 per cent. of
the issued share capital of Grantchester. The Offer is now closed.



The definitions used in the offer document dated 21 September 2002 have the same
meanings when used in this announcement, unless the context requires otherwise.





The Offer is not being, and will not be, made, directly or indirectly, in or
into, or by the use of the mails or any means or instrumentality (including,
without limitation, telephonically or electronically) of interstate or foreign
commerce of, or any facilities of a national securities exchange of, the United
States, Canada, Australia or Japan and the Offer should not be accepted by any
such use, means, instrumentality or facility or from within the United States,
Canada, Australia or Japan. Doing so may render invalid any purported
acceptance. Accordingly, neither the offer document nor the Form of Acceptance
is being, nor may they be, mailed or otherwise forwarded, distributed or sent
in, into or from (whether by use of the mails or any means or instrumentality
(including, without limitation, telephonically or electronically) of interstate
or foreign commerce of, or any facilities of a national securities exchange of)
the United States, Canada, Australia or Japan. All Grantchester Shareholders
(including, without limitation, nominees, trustees or custodians) who would, or
otherwise intend to or who may have a contractual or legal obligation to,
forward the offer document and/or the Form of Acceptance to any jurisdiction
outside the United Kingdom should read the details in this regard which are
contained in paragraph 9 of the letter from Dresdner Kleinwort Wasserstein and
in paragraph 6 of Part A and in Part B of Appendix I of the offer document
before taking any action.



This announcement does not constitute an offer or invitation to purchase any
securities or a solicitation of an offer to buy any securities, pursuant to the
Offer or otherwise. The full terms and conditions of the Offer are set out in
the offer document and the Form of Acceptance accompanying the offer document.



Dresdner Kleinwort Wasserstein Limited, which is regulated in the United Kingdom
by the Financial Services Authority, is acting for Hammerson in connection with
the Offer and no-one else and will not be responsible to anyone other than
Hammerson for providing the protections afforded to clients of Dresdner
Kleinwort Wasserstein Limited or for providing advice in relation to the Offer.



The directors of Hammerson accept responsibility for the information contained
in this announcement and, to the best of the knowledge and belief of the
directors of Hammerson (who have taken all reasonable care to ensure that such
is the case), such information is in accordance with the facts and does not omit
anything likely to affect the import of such information.


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