Acquisition

Hammerson PLC
01 December 2003




Hammerson and Standard Life Investments Acquire Interest in Proposed Brent Cross
Retail Park Development

Hammerson plc and Standard Life Investments have acquired the freehold interest
in a retail park development scheme opposite Brent Cross shopping centre, London
NW4, and entered into a forward funding agreement with the vendor, Castlemore
Securities, a private developer. Hammerson's interest in the scheme is 40.6%,
Standard Life Investments will hold 59.4%. The initial consideration for the
site is £42 million, of which Hammerson's share is £16.9 million.

The proposed 8,600 m(2) scheme, to be known as Brent Cross Retail Park, will
provide seven units and 351 car park spaces and is located to the south of the
A406, the North Circular. There has been substantial interest in the scheme from
retailers. Contracts have been exchanged with DFS and Next and heads of terms
agreed with Borders and Sports Soccer. The total estimated rental value for the
retail park on full letting is £4.3 million. The scheme benefits from having a
detailed planning consent for open A1 non-food retail use, subject to
conditions. Once completed, Brent Cross Retail Park, will be the largest open A1
retail park in North London.

Construction of the scheme is scheduled to begin in February 2004 with
completion in December 2004. Castlemore Securities will develop the scheme.
Hammerson and Standard Life Investments will be responsible for meeting the
costs of the development and their total commitment in respect of the scheme,
including the initial consideration, will be approximately £74 million, of which
Hammerson's share will be £30 million.

The acquisition will be financed from Hammerson's existing resources.

In addition, Cricklewood Redevelopment  Limited, an equal partnership between
Hammerson and Pillar Properties PLC, has acquired the benefit of an option
vested in Castlemore Securities, giving it the right to acquire an adjoining
site of 0.7 hectares.

John Richards, Chief Executive of Hammerson, commented:
          
     '    Brent Cross Retail Park complements our existing interests in this 
          area of North London, which include a 41% interest in the 80,100 m(2) 
          Brent Cross shopping centre and our 50% holding in Cricklewood 
          Redevelopment Limited. This acquisition will enable us to co-ordinate 
          retail lettings at Brent Cross shopping centre with Brent Cross Retail 
          Park. In addition, the strategic location of the scheme between Brent 
          Cross shopping centre and the Cricklewood lands will facilitate strong 
          links between the two and the future development proposals for the 
          area. This transaction follows Hammerson's successful recent 
          acquisition of Drakehouse Retail Park, Sheffield for £60 million.'

David Paine, Investment Director of Standard Life Investments, said:
     
     '    Brent Cross Retail Park will be one of a limited number of open A1 
          retail parks that are likely to be built within the M25. The 
          opportunity to acquire and manage the Park to complement Brent Cross 
          shopping centre added to its appeal.'

Hammerson was represented by Wilkinson Williams. Castlemore Securities was
represented by Harvey Spack Field. Standard Life Investments acted on their own
behalf.


For further information:

John Richards                                                Tel:  [phone]
Chief Executive, Hammerson plc

Peter Cole                                                   Tel:  [phone]
Development Director, Hammerson plc

Christopher Smith                                            Tel:  [phone]
Director of Corporate Affairs, Hammerson plc              [e-mail]

David Paine                                                  Tel:  [phone]
Investment Director, Standard Life Investments



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