Offer Update

Hammerson PLC
19 September 2002

 Not for release, distribution or publication, in whole or in part, in or into
                 the United States, Canada, Australia or Japan



For immediate release          19 September 2002




                          Hammerson plc ('Hammerson')



       Recommended cash offer for Grantchester Holdings PLC (the 'Offer')



Hammerson announces that, earlier today, it acquired 13,109,893 Grantchester
Shares.  Taken together with the 21,900,500 Grantchester Shares already held,
Hammerson now owns a total of 35,010,393 Grantchester Shares, representing just
over 50 per cent. of the existing issued ordinary share capital of Grantchester.




Accordingly, when posted, the Offer will be unconditional.  The formal offer
document will be posted shortly.


                      This information is provided by RNS
            The company news service from the London Stock Exchange