Offer Update

Hammerson PLC
13 October 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                                            14 October 2002



                          Hammerson plc ('Hammerson')



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

          Acceptances at first closing date and extension of the Offer

Hammerson announces that, as at 3.00 p.m. on 12 October 2002, the first closing
date of the Offer, valid acceptances of the Offer had been received in respect
of 26,463,069 Grantchester Shares, representing approximately 37.79 per cent. of
the issued ordinary share capital of Grantchester. Since the announcement of the
Offer, Hammerson has purchased 38,280,000 Grantchester Shares, representing
approximately 54.67 per cent. of the issued ordinary share capital of
Grantchester. Accordingly, Hammerson owns or has received acceptances in respect
of a total of 64,743,069 Grantchester Shares, representing approximately 92.46
per cent. of the ordinary issued share capital of Grantchester.



Prior to the commencement of the offer period Hammerson owned no Grantchester
Shares. Persons deemed to be acting in concert with Hammerson owned 273,772
Grantchester Shares. Valid acceptances of the Offer have been received in
respect of 198,172 of these shares.



Save as referred to above, neither Hammerson nor any persons acting or deemed to
be acting in concert with Hammerson ('persons acting in concert') held
Grantchester Shares or rights in respect thereof prior to the offer period and
no Grantchester Shares or rights in respect thereof have been acquired or agreed
to be acquired or sold or agreed to be sold by or on behalf of Hammerson or
persons acting in concert with it during the offer period and no acceptances of
the Offer have been received from such persons.



The Offer has been extended and will remain open for acceptance until 3.00 p.m.
on 28 October 2002. Holders of Grantchester Shares who wish to accept the Offer
but have not yet done so are strongly encouraged to return their completed Forms
of Acceptance (and supporting documents) as soon as possible. Further Forms of
Acceptance are available from Capita IRG, PO Box 166, Bourne House, 34 Beckenham
Road, Beckenham, Kent BR3 4TH (telephone number 0870 1623100). The consideration
due to accepting Grantchester Shareholders will be dispatched, in respect of
valid acceptances received not later than the close of business on 12 October
2002, on or before 26 October 2002 and, in respect of acceptances received
thereafter, within 14 days of such receipt.



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.



Enquiries:



Hammerson                        020 7887 1000
John Richards
Simon Melliss

Dresdner Kleinwort Wasserstein   020 7623 8000
Rosalind Hedley-Miller
Nigel Binks


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 this document nor the accompanying Form of
Acceptance is being, nor may they be, mailed or otherwise forwarded, distributed
or sent in, into of 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 this document and/or the accompanying 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 press 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 (including
details of how the Offer may be accepted) are set out in the offer document and
the Form of Acceptance accompanying the offer document.



Dresdner Kleinwort Wasserstein, 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 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 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.


                      This information is provided by RNS
            The company news service from the London Stock Exchange