Offer Update

Hammerson PLC
29 October 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
                                                                29 October 2002

                          Hammerson plc ('Hammerson')

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

                              Level of acceptances

Hammerson announces that, as at 3.00 p.m. on 28 October 2002, valid acceptances
of the Offer had been received in respect of 35,241,412 Grantchester Shares,
representing approximately 45.89 per cent. of the issued ordinary share capital
of Grantchester. Since the announcement of the Offer, Hammerson has purchased
38,447,834 Grantchester Shares, representing approximately 50.06 per cent. of
the issued ordinary share capital of Grantchester. Accordingly, Hammerson owns
or has received acceptances in respect of a total of 73,689,246 Grantchester
Shares, representing approximately 95.95 per cent. of the issued ordinary share
capital of Grantchester.

Prior to the commencement of the offer period Hammerson owned no Grantchester
Shares. Persons deemed to be acting in concert with Hammerson owned 273,772
Grantchester Shares. Valid acceptances of the Offer have been received in
respect of 198,172 of these shares.

Save as referred to above, neither Hammerson nor any persons acting or deemed to
be acting in concert with Hammerson ('persons acting in concert') held
Grantchester Shares or rights in respect thereof prior to the offer period and
no Grantchester Shares or rights in respect thereof have been acquired or agreed
to be acquired or sold or agreed to be sold by or on behalf of Hammerson or
persons acting in concert with it during the offer period and no acceptances of
the Offer have been received from such persons.

On 25 October 2002, Hammerson announced that pursuant to Section 429 of the
Companies Act 1985 (as amended), it was issuing notices to Grantchester
Shareholders to acquire compulsorily Grantchester Shares which it had not
already acquired, agreed to acquire or in respect of which valid acceptances had
not been received. The compulsory acquisition process is expected to be
completed on (or shortly after) 6 December 2002 (being the expiry of six weeks
after the date of the statutory notice).

The Offer will remain open for acceptance until the compulsory acquisition
process has been completed. Holders of Grantchester Shares who wish to accept
the Offer but have not yet done so are strongly encouraged to return their
completed Forms of Acceptance (and supporting documents) as soon as possible.
Further Forms of Acceptance are available from Capita IRG, PO Box 166, Bourne
House, 34 Beckenham Road, Beckenham, Kent BR3 4TH (telephone number 0870
1623100). The consideration due to accepting Grantchester Shareholders will be
dispatched, in respect of valid acceptances received not later than the close of
business on 28 October 2002, on or before 11 November 2002 and, in respect of
acceptances received thereafter, within 14 days of such receipt.

The definitions used in the offer document dated 21 September 2002 have the same
meanings when used in this announcement, unless the context requires otherwise.


Enquiries:

Hammerson                                 020 7887 1000
John Richards
Simon Melliss

Dresdner Kleinwort Wasserstein            020 7623 8000
Rosalind Hedley-Miller
Nigel Binks


The Offer is not being, and will not be, made, directly or indirectly, in or
into, or by the use of the mails or any means or instrumentality (including,
without limitation, telephonically or electronically) of interstate or foreign
commerce of, or any facilities of a national securities exchange of, the United
States, Canada, Australia or Japan and the Offer should not be accepted by any
such use, means, instrumentality or facility or from within the United States,
Canada, Australia or Japan. Doing so may render invalid any purported
acceptance. Accordingly, neither the offer document nor the Form of Acceptance
is being, nor may they be, mailed or otherwise forwarded, distributed or sent
in, into of from (whether by use of the mails or any means or instrumentality
(including, without limitation, telephonically or electronically) of interstate
or foreign commerce of, or any facilities of a national securities exchange of)
the United States, Canada, Australia or Japan. All Grantchester Shareholders
(including, without limitation, nominees, trustees or custodians) who would, or
otherwise intend to or who may have a contractual or legal obligation to,
forward the offer document and/or the Form of Acceptance to any jurisdiction
outside the United Kingdom should read the details in this regard which are
contained in paragraph 9 of the letter from Dresdner Kleinwort Wasserstein and
in paragraph 6 of Part A and in Part B of Appendix I of the offer document
before taking any action.


This press announcement does not constitute an offer or invitation to purchase
any securities or a solicitation of an offer to buy any securities, pursuant to
the Offer or otherwise. The full terms and conditions of the Offer (including
details of how the Offer may be accepted) are set out in the offer document and
the Form of Acceptance accompanying the offer document.

Dresdner Kleinwort Wasserstein Limited, which is regulated in the United Kingdom
by the Financial Services Authority, is acting for Hammerson in connection with
the Offer and no-one else and will not be responsible to anyone other than
Hammerson for providing the protections afforded to clients of Dresdner
Kleinwort Wasserstein Limited or for providing advice in relation to the Offer.

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


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