Issue of Bonds, etc

Hammerson PLC
17 March 2000


Hammerson Issues £200,000,000 Unsecured Bonds due 2020

Hammerson  plc announces the issue of £200,000,000 unsecured Bonds  due  2020.
The lead manager and bookrunner to the issue is Barclays Capital.

Interest will be payable annually in arrears on 31 March in each year  at  the
rate  of  6.875 per cent and the first such payment is due on 31  March  2001.
The Bonds will be redeemed at par on 31 March 2020.

The  Bonds  were priced to yield a margin of 225 basis points over  the  gross
redemption yield of 8 per cent.  Treasury stock due 2021.

The  Bonds  were issued with a fixed re-offer and issue price  of  99.953  per
cent.

The  proceeds  of  the issue will be used by Hammerson for  general  corporate
purposes, including the funding of its development programme.

Application will be made for the Bonds to be admitted to the Official List  of
the London Stock Exchange. It is expected that official dealings will commence
on 3 April 2000.  Prior to official listing, dealings will be permitted by the
London Stock Exchange in accordance with its rules.

Simon Melliss, Group Finance Director, said:

     'We  have  taken the opportunity to raise long term unsecured finance  at
     what  we  believe is an attractive rate.  Following the transaction,  the
     average maturity of Hammerson's debt will increase to 13 years.'


For further information:

Simon Melliss                                     Tel:  [phone]
Group Finance Director                            Fax:  [phone]

Christopher Smith
Director of Corporate Affairs