Berlin Shopping Centre Acquired

Hammerson PLC
4 November 1999


Hammerson Acquires Berlin Shopping Centre

Hammerson  has  exchanged contracts to acquire the freehold site  and  an  82%
interest  in  a limited partnership owning the buildings of Forum Steglitz,  a
shopping centre in an affluent south-western suburb of Berlin, for £80 million
(DM 243 million).  The acquisition will be financed from Hammerson's existing
resources.

Forum Steglitz is located on the Schlossstrasse, one of the principal shopping
streets in Berlin. It was built in 1970 and provides a total of 22,000  square
metres  of retail space on five levels and a 675 space multi-storey car  park.
There  are  70 shops and a successful indoor market as well as offices  and  a
bowling  centre  above.   The anchor tenants are Schaulandt,  Karstadt  Sport,
Quelle  Technik, REWE MiniMal and Hennes & Mauritz.   The centre generates  an
annual  net  rental income of approximately DM 10.2 million  with  substantial
reversionary potential.

The immediate  inner catchment area comprises a population of  some  200,000,
with  a further 800,000 living within five kilometres. Public transport links
with  the  Forum  are  excellent and there are bus  and  underground  stations
adjacent to the centre.

The  acquisition  complements Hammerson's existing interests  in  Berlin,  the
Maerkisches Zentrum shopping centre in Reinickendorf and the development of
the B5 Factory Designer Outlet Centre.

Commenting  on  the transaction, John Richards, Hammerson's  Chief  Executive,
said:

     'This  acquisition is in line with our strategy of expansion  in  Germany
     and France.

     Forum  Steglitz  trades  very  well and  serves  a  prosperous  catchment
     population.  There are opportunities to increase the income by re-letting
     units  at current ERV and by reducing service charges and overheads.   We
     have  plans to upgrade and refurbish the centre to strengthen its  status
     as one of the key retail destinations in Berlin.'


For further information:

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

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