Re Joint Venture

Hammerson PLC
12 December 2000
   

Hammerson to Commence Redevelopment of No. 1 London Wall, London, EC2

 
Hammerson is to commence the redevelopment of No.1 London Wall, London EC2 to
create a landmark office building of 18,600 square metres (200,000 square
feet) in a 50:50 joint venture with Kajima, the leading Japanese construction,
design and development company.
 
Designed by Foster & Partners, the building will provide high quality
flexible accommodation with typical floor areas of 1,200 - 1,800 square metres
(13,000 - 20,000 square feet). The upper floors of the 12-storey building will
have striking views over St Paul's. Demolition will commence in Spring 2001
with completion scheduled for Summer 2003 at a total development cost of
approximately £96 million.
 
The freehold of No.1 London Wall is owned by the Corporation of London and
the joint venture will be granted a new 150 year lease. The Plaisterers'
Hall, which currently occupies the basement level, will be retained within
the new building and will be extended with enhanced facilities and access.
 
John Richards, Chief Executive of Hammerson plc, said:
 
'We have completed arrangements with all parties enabling us to start the
development. Working with our partner, Kajima, together with The Corporation
of London and The Worshipful Company of Plaisterers', we aim to create an
exciting landmark building as part of our continuing programme of high
quality office developments in central London.'
 
Fujio Suzuki, Executive Vice President, Kajima Europe, said:

'Kajima is promoting this scheme as part of its European strategy and is
pleased to be working with Hammerson, one of Europe's most experienced and
respected office developers.'
 
Judith Mayhew, Chairman of The Policy and Resources Committee, The City of
London Corporation, commented:

'The strong demand for high quality office buildings such as 1 London Wall is
evidence of the City of London's continuing role as Europe's financial
capital and the world's leading international financial and business centre.
This striking building will be a new gateway to the City and enhance the
access and setting of The Museum of London.'
 
The joint leasing agents are DTZ Debenham Tie Leung and Morgan Pepper.
 
 
 
For further information:
 
John Richards
Chief Executive, Hammerson plc                    020 7887 1000
 
Christopher Smith
Director of Corporate Affairs, Hammerson plc      020 7887 1000