Disposal

Hammerson PLC
15 August 2003


Hammerson Exchanges Contracts for Sale of German Shopping Centre


Hammerson plc has exchanged contracts for the sale of its freehold interest in
Luisencenter, Darmstadt, to Difa, a German fund. The net sale proceeds of €102.2
million are expected to be received in two tranches. Firstly, €95.4 million on
the planned handover of the property, which is anticipated to take place by
November this year. Secondly, €6.8 million following the fulfilment of various
conditions. Hammerson has provided a rental guarantee in respect of the letting
of vacant space amounting to a maximum of  €0.6 million per annum for five
years.


The proceeds will be used to reduce the group's borrowings. The book value of
the property at 31 December 2002 was €117 million. The net rental income from
the property is approximately €5.9 million per annum.


Hammerson acquired a leasehold interest in the mall units of the shopping centre
in 1998, and subsequently acquired the freehold. A major improvement programme
was completed in 2002.


Commenting, John Richards, Chief Executive, Hammerson plc said:


         'This transaction is in line with our stated strategy of reducing our
exposure to the German retail sector. Following completion, the portfolio in
Germany will represent less than 6% of Hammerson's total portfolio.


          The group is continuing to invest in attractive opportunities in the
UK and France.'


Hammerson was advised by Jones Lang LaSalle.



For further information:

John Richards                                                Tel: [phone]
Chief Executive

Simon Melliss                                                Tel: [phone]
Group Finance Director

Chris Smith                                                  Tel: [phone]
Corporate Affairs Director                                [e-mail]






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