Disposal of Interest

Hammerson PLC
8 October 2001


Hammerson Sells Queensmere Shopping Centre, Slough

 
 
Hammerson UK Properties plc has exchanged contracts and completed the sale of
its freehold interest in the Queensmere Shopping Centre, Slough to a private
property company for £105 million, with £10 million of the consideration
deferred. The deferred amount is secured on the property, repayable no later
than five years from the date of the sale and bears interest at the rate of
6% per annum. In addition, Hammerson is entitled to 20% of the uplift in the
value of the property upon the earlier of a subsequent sale of the property
or 5th October 2006.
 
The property produces a gross rent of some £8 million per annum.
 
Commenting on the sale, John Richards, Chief Executive, Hammerson plc said:
 
     '     Having opened new regional shopping centres in Reading and
Southampton in the last two years, we felt this was a good opportunity to
realise the value of the investment in Queensmere. We shall use the proceeds
to fund our continuing development programme, which includes the Bull Ring in
Birmingham.'
 
Hammerson was advised by DTZ Debenham Tie Leung and Hartnell Taylor Cook
represented the purchaser.
 
 
 
For further information:
 
John Richards           Tel: [phone]
Chief Executive          Fax: [phone]
 
Christopher Smith
Director of Corporate Affairs