Compulsory Acqn of Shares

Hammerson PLC
24 October 2002


 Not for release, distribution or publication, in whole or in part, in or into
                 the United States, Canada, Australia or Japan



For immediate release                                            24 October 2002



                          Hammerson plc ('Hammerson')


Recommended unconditional cash offer for Grantchester Holdings PLC (the 'Offer')


           Level of acceptances and compulsory acquisition of shares


Hammerson announces that, as at 3.00 p.m. on 23 October 2002, valid acceptances
of the Offer had been received in respect of 34,773,198 Grantchester Shares,
representing approximately 45.28 per cent. of the issued ordinary share capital
of Grantchester. Since the announcement of the Offer, Hammerson has purchased
38,447,834 Grantchester Shares, representing approximately 50.06 per cent. of
the issued ordinary share capital of Grantchester. Accordingly, Hammerson owns
or has received acceptances in respect of a total of 73,221,032 Grantchester
Shares, representing approximately 95.34 per cent. of the ordinary issued share
capital of Grantchester.


Hammerson owns or has received acceptances in respect of more than 90 per cent.
of the Grantchester Shares to which the Offer relates and is implementing the
procedures under sections 428 to 430F of the Companies Act 1985, as amended, to
acquire compulsorily all of the outstanding Grantchester Shares which it has not
already acquired, contracted to acquire or in respect of which it has not
received valid acceptances.


Prior to the commencement of the offer period Hammerson owned no Grantchester
Shares. Persons deemed to be acting in concert with Hammerson owned 273,772
Grantchester Shares. Valid acceptances of the Offer have been received in
respect of 198,172 of these shares.


Save as referred to above, neither Hammerson nor any persons acting or deemed to
be acting in concert with Hammerson ('persons acting in concert') held
Grantchester Shares or rights in respect thereof prior to the offer period and
no Grantchester Shares or rights in respect thereof have been acquired or agreed
to be acquired or sold or agreed to be sold by or on behalf of Hammerson or
persons acting in concert with it during the offer period and no acceptances of
the Offer have been received from such persons.


The definitions used in the offer document dated 21 September 2002 have the same
meanings when used in this announcement, unless the context requires otherwise.

Enquiries:


Hammerson                          020 7887 1000

John Richards

Simon Melliss




Dresdner Kleinwort Wasserstein     020 7623 8000

Rosalind Hedley-Miller

Nigel Binks

The availability of the Offer to holders of Grantchester Shares who are not
resident in the United Kingdom may be affected by the laws of the relevant
jurisdictions. Holders of Grantchester Shares who are not resident in the United
Kingdom should inform themselves about and observe any applicable requirements.
The Offer is not being made, directly or indirectly, in or into the United
States, Australia, Canada or Japan and the Offer is not capable of acceptance
from or within the United States, Australia, Canada or Japan. Accordingly,
neither copies of this announcement nor any other documents related to the Offer
are being, or may be, mailed or otherwise forwarded, distributed or sent in,
into or from the United States, Australia, Canada or Japan and persons receiving
such documents (including custodians, nominees and trustees) must not distribute
or send them in, into or from such jurisdictions.


This press announcement does not constitute an offer or invitation to purchase
any securities or a solicitation of an offer to buy any securities, pursuant to
the Offer or otherwise. The full terms and conditions of the Offer (including
details of how the Offer may be accepted) are set out in the offer document and
the Form of Acceptance accompanying the offer document.


Dresdner Kleinwort Wasserstein Limited, which is regulated in the United Kingdom
by the Financial Services Authority, is acting for Hammerson in connection with
the Offer and no-one else and will not be responsible to anyone other than
Hammerson for providing the protections afforded to clients of Dresdner
Kleinwort Wasserstein Limited or for providing advice in relation to the Offer.


The directors of Hammerson accept responsibility for the information contained
in this announcement and to the best of the knowledge and belief of the
directors of Hammerson (who have taken all reasonable care that such is the
case) such information is in accordance with the facts and does not omit
anything likely to affect the import of such information.


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