Disposal

Hammerson PLC 27 June 2002 Hammerson Sells Freshney Place, Grimsby Hammerson has exchanged contracts for the sale of its freehold interest in Freshney Place Shopping Centre, Grimsby, to Grosvenor to raise net sale proceeds of £98.9 million, approximately £3 million above its valuation on 31 December 2001. The property generates a gross rental income of approximately £7.8 million per annum. Commenting on the sale, John Richards, Chief Executive, Hammerson plc said: 'Today's transaction represents a good opportunity for the group to realise the value of its investment in Freshney Place. We shall use the proceeds to fund our continuing development programme, which includes Bullring in Birmingham and other inner city regeneration projects In addition, this year we have purchased interests in two major shopping centres, The Shires in Leicester and Parinor near Paris. These acquisitions demonstrate our continuing commitment to building our high quality European retail property business.' Following the disposal, Hammerson's shopping centre portfolio has a value of approximately £2.1 billion, made up of 20 centres, providing nearly 1,000,000 m2 of space. Hammerson was advised by Savills and Donaldsons and the purchaser was represented by Jones Lang LaSalle. For further information: John Richards Tel: 020 7887 1000 Chief Executive Fax: 020 7887 1010 Christopher Smith Director of Corporate Affairs This information is provided by RNS The company news service from the London Stock Exchange

Companies

Hammerson (HMSO)
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