Joint Venture

HAMMERSON PLC
22 September 1999



Hammerson Joint Venture with AXA to Redevelop 9 Place Vendome and
368/374 rue St Honore, Paris 1e

Hammerson  has  signed  an  agreement with the leading  French  insurance  and
financial  services  group  AXA  to create a 50/50 joint  venture  company  to
redevelop adjoining properties at 9 Place Vendome and 368/374 rue Saint Honore
in Paris' first arrondissement.

The  partners intend to carry out a major redevelopment, managed by  Hammerson
France,  to  create 10,000 sq. m. of modern retail space in four medium  sized
units and some 17,000 sq. m. of prime offices.

Over  the  next  two  years  the partners will seek to  obtain  the  necessary
administrative  authorisations  and advance detailed  plans.  Construction  is
anticipated to start at the end of 2001 with completion scheduled for the  end
of  2003 at a total cost, including site acquisition, of  approximately FF 1.5
billion.

Commenting  on  the transaction, Gerard Devaux, Managing Director  Continental
Europe, said:

    'This is an absolutely first class location with a renowned address.

    There   is  currently a shortage of top quality retail  space  in  central
    Paris  for  which  demand  is  forecast to  remain  very  strong.  Initial
    interest  to-date  for the pre-letting of the shop  units  has  been  very
    encouraging.  In  addition, we believe that occupational demand  for  high
    specification office space will continue to increase.
    
    We  are  delighted to be working with AXA and I believe this  demonstrates
    Hammerson's growing reputation in the French  market.'

The  joint  venture partners were advised by Knight Frank, who will assist  in
the letting of the redeveloped buildings.



For further information:

Ronald Spinney                                             Tel:  [phone]
Chief Executive                                            Fax:  [phone]
Hammerson plc

Chris Smith                                                Tel:  [phone]
Director of Corporate Affairs                              Fax:  [phone]
Hammerson plc

Gerard Devaux                                         Tel:  [phone]
Managing Director Continental Europe                  Fax:  [phone]
Hammerson France