Paris Letting

Hammerson PLC
03 June 2005

Hammerson and AXA Sign Lease for 13,000 m(2) of Office Space at 9 Place Vendome,
Paris 1e



Hammerson plc and AXA have signed a lease with Clifford Chance, the leading
international law firm, for 13,000 m(2) (139,900 ft(2)) of new office

accommodation being developed at 9 Place Vendome. The lease term is nine years,
commencing on 1 July 2006, with no break option. The rent for the office space
is €698 per m(2), subject to annual indexation from 1 July 2006. Clifford Chance
will initially take occupancy of 9,700 m(2) (104,400 ft(2)) of office
accommodation and has committed to take additional office space, which is shown
in the table below:


   Intended Occupancy        Rent Free Period Months     Rent Commencement Date
     Date          m(2)

     2006        9,700                      20                 1 March 2008
     2008        1,700                      12                 1 July 2009
     2012        1,600                       5                 1 Dec 2012
               13,000



Hammerson and AXA will be responsible for sub-letting the space not immediately
occupied by Clifford Chance. In addition, Clifford Chance will occupy 1,100 m(2)
of space at the basement level for a cafeteria and use 700 m(2) for storage from
1 July 2006 at a rent of €349 per m(2), with a rent free period of 20 months.



The redevelopment of 9 Place Vendome, which is being carried out in a 50:50
joint venture between Hammerson and AXA, started in January 2004, with
completion scheduled for April 2006. The development will create 22,200 m(2) of
office accommodation and 5,500 m(2) of prime retail behind the world-renowned
listed facades on Place Vendome and on rue Saint-Honore. Two of the eight retail
units, representing 29% of the total projected retail rental income, have been
let to Anne Fontaine and Brooks Brothers. Hammerson's estimated total
development cost for the scheme is €126 million (£85 million).



John Richards, Chief Executive of Hammerson, commented:



'Through this scheme we are creating first class office and retail accommodation
in central Paris. I am very pleased that we have signed a lease with Clifford
Chance for this prestigious building. 9 Place Vendome is a very exciting project
for Hammerson and will provide one of the most dynamic working environments in
Paris.'



Pierre Vaquier, Chairman of AXA REIM France, said:



' We are delighted to have brought this historical building to the Hammerson and
AXA partnership and to welcome Clifford Chance to 9 Place Vendome, which is one
of the most impressive office redevelopments in the centre of Paris.'



Hammerson and AXA were advised by CBRE Bourdais and Lefevre Pelletier &
Associes. Clifford Chance was advised by AOS (Amadeus Occupier Solutions).


For further information:

John Richards, Chief Executive                                                         Tel:  [phone]

Gerard Devaux, Managing Director, Continental Europe                               Tel:  [phone]

Olivia Hall, Corporate Communications Manager                                          Tel:  [phone]

                                                                                     [e-mail]




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