Retail Park Acquisition

Hammerson PLC
08 March 2007



Hammerson: Acquisition of Retail Park


Hammerson plc has acquired the freehold of Ravenhead Retail Park, St Helens for
£120.6 million including costs. The property has a current annual net rental
income of £4.8 million.

Ravenhead Retail Park comprises 27,600m(2) of retail accommodation with partial
open A1 planning consent together with adjacent land with planning consent for
an additional 8,100m(2) of retail space.  The scheme has 17 units, with tenants
including Arcadia, B&Q, Boots, Currys and Next. The retail park is located
within walking distance of St Helens town centre, three miles north of junction
seven of the M62, and approximately 12 miles from Liverpool.

The transaction has been effected by Hammerson acquiring the entire issued share
capital of a group of private companies ultimately controlled by Mr CJ Baybutt
and Mr DJ Baybutt (the 'Vendors'). Hammerson will issue 5,019,875 New Ordinary
Shares to the Vendors as consideration, which represents 1.8% of Hammerson's
current issued share capital. Based on a share price of £15.76, the shares to
be issued will have a value of £79.1 million.  Hammerson will also assume
approximately £36.6 million of debt and other net liabilities in the acquired
companies.

The New Ordinary Shares will be credited as fully paid and will rank pari passu
in all respects with the existing ordinary shares of 25p each in the capital of
Hammerson.  A condition of the acquisition is that the New Ordinary Shares be
admitted to the Official List maintained by the United Kingdom Listing Authority
and be admitted to trading by the London Stock Exchange. Accordingly, such
applications have been made.  It is expected that the listing and admission of
the New Ordinary Shares in London will become effective on 9 March 2007.  An
application is also being made for the New Ordinary Shares to be admitted to
trading by Euronext Paris.

The acquisition terms include the potential for a further consideration of a
maximum of £1.4 million which will be payable to the Vendors should
the Vendors exercise a put option, or Hammerson exercise a call option, over
additional freehold land adjacent to Ravenhead Retail Park.

The additional consideration would be satisfied by a further issue of New
Ordinary Shares to the Vendors, credited as fully paid, which would rank pari
passu in all respects with the existing ordinary shares of 25p each in the
capital of Hammerson.  However, should law, regulation or the corporate
governance policy from time to time of Hammerson prohibit or prevent it from
issuing such New Ordinary Shares or should admission of them to the Official
List or the London Stock Exchange not be obtained, Hammerson would satisfy the
deferred consideration in cash.


John Richards, Chief Executive of Hammerson, commented:

' This transaction demonstrates the benefits of Hammerson's REIT status in being
able to acquire attractive assets from owners of properties who have significant
capital gains tax liabilities.

'Hammerson has built up a highly successful retail parks business over the past
five years and this park offers significant opportunities to add value through
an extension and by active asset management.'



Enquiries:

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

[e-mail]              Tel:  [phone]



Notes to Editors

The most recent financial statements of Ravenhead Developments Limited were
prepared to 31 December 2005.  These were abbreviated accounts prepared in
accordance with sections 246(5) and (6) Companies Act 1985 which show net assets
of £57,160,854. Subsequent to 31 December 2005, Ravenhead Developments Limited
has acquired part of the Ravenhead Retail Park site from entities controlled by
the Vendors at a value of £12.2 million.





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