Disposal

Hammerson PLC
05 December 2003



Hammerson Exchanges Contracts for Sale of City Center, Essen and Completes Sale
of Luisencenter, Darmstadt


City Center, Essen


Hammerson plc and Algemeen Burgerlijk Pensioenfonds (ABP) have exchanged
contracts for the sale of the freehold of City Center, Essen, to CS Euroreal, a
German real estate open-ended fund, for £80.4 million (€115.5 million). The net
sales proceeds for Hammerson's 22% interest in Essen Shopping Center B.V., the
freeholder of City Center, are £17.6 million (€25.2 million). Hammerson has also
exchanged contracts for the sale of PHV GmbH, its wholly owned subsidiary, which
operates City Center's car parks, for net proceeds of £1.9 million (€2.7
million).



It is anticipated that completion of the sale will take place by the end of 2003
and that the proceeds will be used to reduce the group's borrowings. The book
value of the group's interests in City Center and the car parks, at 31 December
2002, was £22.1 million (€31.8 million). Hammerson's share of the net rental
income from the properties was £1.2 million (€1.7 million) in 2002.



Under the terms of the contract, CS Euroreal, on completion, will retain a
maximum of £3.6 million (€5.1 million) of the total purchase price
of which £0.8 million (€1.1 million) relates to Hammerson's interest, which will
be released when certain works are completed.



Hammerson was advised by Jones Lang LaSalle and CS Euroreal was advised by
FPDSavills.



Luisencenter, Darmstadt



Hammerson has also completed the sale of Luisencenter, Darmstadt, to Difa, a
German fund, the exchange of contracts for which was announced on 15 August
2003. The first payment,    £66.4 million (€95.4 million), of the net sale
proceeds of €102.2 million, has now been received. The balance of £4.7 million
(€6.8 million) is expected following Hammerson's completion of outstanding
conditions. Hammerson has provided a rental guarantee in respect of the letting
of vacant space amounting to a maximum of £0.4 million (€0.6 million) per annum
for five years.



Commenting on these transactions, John Richards, Chief Executive, Hammerson plc
said:



'The completion of these transactions will realise total proceeds of
£90.6 million, which will reduce the group's exposure in Germany to 5% of the
portfolio on a pro forma basis. Hammerson continues to invest in the UK
and France.'




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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