Acquisition

Hammerson PLC
4 March 2002







For immediate release - Monday, 4 March 2002

Hammerson Acquires Parinor Shopping Centre near Paris for £85 million

Hammerson plc has acquired a 57.5% interest in the co-ownership of Parinor, a
regional shopping centre of 84,000 m(2) for £85 million (€139 million) from
Wereldhave. The acquisition gives Hammerson ownership of 33,800 m(2) in the
scheme. The acquisition was financed from the group's existing resources.


Parinor is the fifth largest centre in the Paris region and is located 15 km
north east of Paris, close to the A1 motorway and Charles de Gaulle airport. It
is served by two important motorways, linking the eastern suburbs of Paris to
the north and east. The centre serves a catchment area of 800,000 people of
which 220,000 live within 10 minutes' driving time.


Parinor opened in 1974 and a refurbishment was carried out six years ago, when
air conditioning was installed. The centre is on two levels and the main mall is
anchored by Carrefour and Fnac at its southern end and Castorama and Toys 'R' Us
at its northern end. A large part of the upper floor is occupied by an UGC
cinema and numerous restaurants, accessible from outside the centre, allowing
extended opening hours. There are approximately 4,900 parking spaces.


The centre is fully let (except for one unit) and the interest that Hammerson
has acquired currently generates a rent of €9.2 million per annum. Parinor is
35% reversionary, with an estimated current rental value of €12.5 million per
annum.


Commenting on the transaction, John Richards, Chief Executive, said:


             '     This acquisition is in line with our strategy of building our
        portfolio of strong shopping centres in France. Management of the centre
        will be taken over by our subsidiary, Marketing & Valorisation, and we
        are confident that we can enhance the quality of the tenant mix and
        improve the efficiency of the centre. The centre offers considerable
        potential in the medium term to increase rents and value.'





        For further information:

        John Richards          Tel: [phone]

        Chief Executive, Hammerson plc          Fax: [phone]


Christopher Smith

Director of Corporate Affairs, Hammerson plc


Gerard Devaux                                     Tel: [phone]

Managing Director Hammerson Europe                     Fax: [phone]



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