Disposal

Hammerson PLC
22 April 2002


For immediate release - Monday, 22 April 2002

Hammerson Announces Disposal of 280 Bishopsgate, London EC2

Hammerson has realised £219 million through the disposal of 280 Bishopsgate,
London EC2, its recently completed major City office development, to a private
client of HSBC Republic.

Hammerson acquired the development site of 280 Bishopsgate in 1999 for £27.5
million. In December 2000, the group announced a lease of the entire 25,500 sq m
(270,000 sq ft) building to The Royal Bank of Scotland plc for 25 years at an
annual gross rent of £15 million, following a rent-free period which ended on 2
April 2002.

The amount realised is slightly below the valuation at 31 December 2001, but it
is not anticipated that the transaction will give rise to a tax liability to
Hammerson. The total realised surplus on the development will be £118 million.

Commenting on the transaction John Richards, Chief Executive of Hammerson plc
said:

    '     This disposal demonstrates the continuing strong demand for prime City
    office investments let on long leases to first class tenants. The proceeds
    will be used to reinvest in the Company's other activities'.

        For further information:

        John Richards          Tel: [phone]

        Chief Executive          Fax: [phone]


Christopher Smith

Director of Corporate Affairs



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