Disposal

HAMMERSON PLC
20 September 1999


Hammerson and Standard Life sell Holborn Estate for £118 million


Hammerson  plc and Standard Life Investments have exchanged contracts for  the
sale  of  their  shareholdings in Holborn Links Ltd  to  a  private 
investment company.   Holborn  Links Ltd owns approximately 40,000  sq.  m. of
 office  and retail  properties in central London which generated  a net 
rental  income  of £8.0 million in 1998.  Completion is scheduled for 14 
October 1999.

Currently  65.22%  of  Holborn Links Ltd is owned by Hammerson  and  34.78% 
by Standard  Life.  The net cash proceeds after costs for the sale of  the 
shares will  be  approximately  £90 million and the purchaser will  repay 
shareholder loans of £27 million.  The implied price for the properties of
£118 million  is slightly in excess of the value incorporated in Hammerson's
interim accounts at 30  June 1999.   Prior to completion, Holborn Links Ltd
will repay a 91/4% 2022 secured  mortgage  of  £10.3  million due to Standard 
Life  at  a  premium  of approximately £3.7 million.

Commenting on the transaction, John Bywater, Managing Director of Hammerson
UK, said:

     '1999  has been an active year for Hammerson in the central London 
office market.   We  have  completed the acquisition of  three  major 
investment properties  and  secured  a further major City redevelopment 
opportunity, whilst  continuing our existing development programme.  The
proceeds  from this  sale will be reinvested in further attractive
opportunities and  the existing development programme.'

Alex Watt, Managing Director, Property Investment, Standard Life Investments
added:

     'The  sale of our interest in Holborn Links Ltd coupled with other 
recent disposals,  notably  our £100m sale of five office  buildings  in 
London, Manchester and Birmingham, has enabled us to release substantial 
capital.  This  will  be reinvested in a number of new development
opportunities in continental Europe and here in the UK.'

For further information:

John Bywater                                                Tel: [phone]
Managing Director                                           Fax: [phone]
Hammerson UK

Christopher Smith
Director of Corporate Affairs
Hammerson plc