London Letting

Hammerson PLC
11 February 2004


Hammerson and Kajima Sign Lease at One London Wall

London Wall Limited Partnership, a 50:50 joint venture between Hammerson plc and
Kajima Europe BV, has signed a lease with Dewey Ballantine for 2,930 m(2)
(31,500 ft(2)) of office accommodation at One London Wall, London EC2.

Dewey Ballantine, a leading international law firm, will occupy the ninth and
tenth floors of the building. The rent for the office space is £460 per m2 (£43
per ft(2)). The lease term is fifteen years, with a rent free period of 31
months.

Providing 19,000 m2 of high specification office accommodation, One London Wall
was completed in October 2003 at a total development cost of approximately £97
million.


John Richards, Chief Executive of Hammerson, commented:

    'At the time of our interim results last August, we commented on the marked
increase in tenant enquiries. I am delighted that we have been able to translate
this interest into a first letting at One London Wall. We are currently in
discussions with several other potential occupiers in respect of the remaining
space. In addition, there is an encouraging level of interest from potential
tenants at our other recently completed development, 10 Grosvenor Street W1.'


Katsumi Shibasaki, President and CEO of Kajima Europe, stated:


    'Our ambition has been to produce a building of style and quality that can
hold its own in a challenging market. I am therefore very pleased to have signed
the first lease with an excellent tenant, Dewey Ballantine.'


Fred Gander, Managing Partner of Dewey Ballantine's London office, said:


        'We are very excited to be moving to this prestigious new office
development. One London Wall will provide a wonderful working environment as
well as the space to allow for significant expansion in the firm's key practice
areas, which include mergers and acquisitions, corporate finance and project
finance. The signing of this lease, which comes only months after the opening of
our offices in Milan and Rome, clearly demonstrates the commitment of Dewey
Ballantine to expansion both in London and Europe.'


Hammerson and Kajima were advised by Morgan Pepper and DTZ on property matters
and Nabarro Nathanson and Herbert Smith on legal matters. Dewey Ballantine was
advised by Gerald Eve and Ashurst.


For further information:

John Richards                              Tel: [phone]

Chief Executive, Hammerson plc

Katsumi Shibasaki                          Tel: [phone]

President and CEO, Kajima Europe


Christopher Smith                               Tel: [phone]

Director of Corporate Affairs, Hammerson plc    [e-mail]

                      This information is provided by RNS
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