Offer Update

Hammerson PLC
09 September 2002

                                 Hammerson plc

                    Cash offer for Grantchester Holdings PLC



Following the announcement of its offer this morning for Grantchester Holdings
PLC ('Grantchester'), Hammerson announces that as at 12.00 noon today, Hammerson
had acquired 12,777,155 ordinary shares in Grantchester representing
approximately 18.25 per cent. of the issued ordinary share capital of
Grantchester.





The Directors of Hammerson accept responsibility for the information contained
in this press announcement. To the best of the knowledge and belief of the
Directors of Hammerson (who have taken all reasonable care to ensure that such
is the case), the information in this announcement is in accordance with the
facts and does not omit anything likely to affect the import of such
information.




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