Offer Update

Hammerson PLC
21 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
                                                               21 October 2002





                          Hammerson plc ('Hammerson')



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



                    Cancellation of listing of Grantchester





Following the announcement by Hammerson on 19 September 2002 that it had
purchased over 50 per cent. of the existing ordinary share capital of
Grantchester, and as set out in the offer document dated 21 September 2002,
Grantchester has applied for the cancellation from listing on the Official list
of the UK Listing Authority of the Grantchester Shares and the cancellation from
trading of the Grantchester Shares on the London Stock Exchange.  Such
cancellation is expected to take place today, 21 October 2002.



Unless the context otherwise requires, defined terms used in this announcement
shall have the meanings given to them in the Offer Document dated 21 September
2002.




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.



The availability of the Offer to holders of Grantchester Shares who are not
resident in the United Kingdom may be affected by the laws of the relevant
jurisdictions.  Holders of Grantchester Shares who are not resident in the
United Kingdom should inform themselves about and observe any applicable
requirements.  The Offer is not being made, directly or indirectly, in or into,
the United States, Australia, Canada or Japan and the Offer is not capable of
acceptance from or within the United States, Australia, Canada or Japan.
Accordingly, neither copies of this announcement nor any other documents related
to the Offer are being, or may be, mailed or otherwise forwarded, distributed or
sent in, into or from the United States, Australia, Canada or Japan and persons
receiving such documents (including custodians, nominees and trustees) must not
distribute or send them in, into or from such jurisdictions.



Dresdner Kleinwort Wasserstein, 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 or for providing advice in relation to the Offer.


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