Cricklewood Regeneration

Hammerson PLC
02 December 2004

For immediate release - Thursday, 2 December 2004



Hammerson and Multiplex Join Forces to Advance Cricklewood Scheme



Hammerson plc and Multiplex Group have joined forces to advance proposals for
the regeneration of Cricklewood, North London, following Multiplex Group's
purchase of Pillar Property's interest in Cricklewood Regeneration Limited, a
joint venture responsible for the regeneration and development of the area to
the south of the North Circular and opposite the Brent Cross shopping centre.



Multiplex Group, the Australian based international property group, through
Cricklewood Regeneration Limited, will work closely with Hammerson to regenerate
240 hectares of derelict land and transform Cricklewood into a new mixed-use
urban centre. The scheme, which will potentially include up to 5,500 homes and
400,000 m(2) of offices, forms part of the wider regeneration proposals covering
the Cricklewood land to the south of the North Circular and Brent Cross shopping
centre to the north.



In April 2004, Barnet Council formally approved the Cricklewood, Brent Cross and
West Hendon Development Framework for the regeneration of this area of north
London. Mayoral approval followed in July 2004.



The partners are currently progressing the scheme proposals, in consultation
with Barnet Council and the GLA, with a view to submitting a planning
application in late 2005. Whilst implementation of the overall masterplan will
take many years to complete, initial phases could start in 2007. Hammerson and
Multiplex will jointly manage the project, with the intention that Hammerson
leads the commercial elements and Multiplex the residential component. Bellhouse
Joseph Limited will continue to coordinate the project through the planning
phase.



John Richards, Chief Executive of Hammerson plc, said:



       ' We look forward to working with Multiplex Group in advancing this
exciting scheme. This is a key stage in delivering the regeneration of this
important area of north London. Hammerson's current 50% interest in Cricklewood
Regeneration Limited complements the group's other interests in this area, which
include a 41% interest in the 80,100 m(2) Brent Cross shopping centre and the
8,600 m(2) Brent Cross Shopping Park, which are central to the future
development proposals for the area.'



Andrew Roberts, Chief Executive, Multiplex Group, said:



       ' We are delighted to be working with Hammerson and the London Borough of
Barnet in bringing forward this important major mixed-use regeneration project,
which will greatly enhance the entire region. We see particular benefit to the
area from the residential element of the project which will make a significant
contribution to delivering much needed new investment in the area.'




For further information:

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

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

                                                          [e-mail]

Andrew Roberts, Chief Executive, Multiplex Group             Tel:  [phone]




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