Re Joint Venture

Hammerson PLC 03 January 2003 Hammerson Signs Joint Venture Agreement with AXA for Paris Redevelopment Hammerson plc has signed a joint venture agreement with leading French insurance and financial services group AXA to redevelop adjoining properties at 9 place Vendome and 368/374 rue Saint Honore, Paris 1e. The joint venture company, 9 place Vendome SCI, which is owned 50:50 by the two partners, has purchased the existing buildings from AXA for £78 million (€120 million). Over the past two years, Hammerson, the development manager for the project, has obtained all administrative authorisations and design approvals. The scheme will involve the creation of 26,000 m(2) of prime new offices behind the listed facade on place Vendome and 3,000 m(2) of modern retail space in four medium sized units fronting rue Saint Honore. It is anticipated that the two year construction period will start in the final quarter of 2003, subject to market conditions. Hammerson's share of the total costs of the development, including site acquisition and financing charges, is estimated at approximately £83 million. Gerard Devaux, Managing Director Continental Europe, said: 'This is one of the best locations in central Paris for both offices and shopping. We are delighted with this joint venture with AXA, which I believe demonstrates Hammerson's strong reputation in the French market.' For further information: John Richards Tel: 0207 887 1000 Chief Executive Fax: 0207 887 1010 Hammerson plc Chris Smith Tel: 0207 887 1000 Director of Corporate Affairs Fax: 0207 887 1010 Hammerson plc Gerard Devaux Tel: 00 331 56 69 30 00 Managing Director Continental Europe Fax: 00 331 56 69 30 01 Hammerson France This information is provided by RNS The company news service from the London Stock Exchange

Companies

Hammerson (HMSO)
UK 100

Latest directors dealings