Acquisition

Hammerson PLC
08 December 2004

Embargoed until 7.00 a.m. - Wednesday, 8 December 2004





Hammerson Increases Interest in WestQuay Shopping Centre



Hammerson plc has exchanged contracts to acquire Barclays Bank PLC's 50%
interest in WestQuay, the major shopping centre in Southampton, for a
consideration of £203 million, which includes the repayment of Barclays
shareholder loan. Following completion of the acquisition on 13 December 2004,
Hammerson will own 100% of the scheme. As part of the transaction, Hammerson
will assume Barclays share of the contingent tax liability within the company
owning WestQuay, amounting to some £20 million.



Opened in 2000, WestQuay was developed in a 50:50 joint venture between
Hammerson and Barclays. The scheme, which provides 75,900 m(2) of high quality
retail accommodation, is anchored by John Lewis and Marks & Spencer and produces
a rental income of approximately £22 million per annum.



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



John Richards, Chief Executive of Hammerson plc, said:



'This is an exciting opportunity to increase our investment in a prime shopping
centre in a prosperous part of the country. The transaction is in line with
Hammerson's strategy of investing in and developing high quality regional
shopping centres, a sector which the group believes will continue to demonstrate
above average returns over the next few years. WestQuay has proved to be a
highly successful joint venture since its inception in 1998.'








For further information:

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

Chris Smith, Director of Corporate Affairs, Hammerson plc    Tel:  [phone]

                                                          [e-mail]







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