Re Joint Venture

Hammerson PLC
03 January 2003

Hammerson Signs Joint Venture Agreement with AXA for Paris Redevelopment

Hammerson plc has signed a joint venture agreement with leading French insurance
and financial services group AXA to redevelop adjoining properties at 9 place
Vendome and 368/374 rue Saint Honore, Paris 1e.

The joint venture company, 9 place Vendome SCI, which is owned 50:50 by the two
partners, has purchased the existing buildings from AXA for £78 million (€120
million). Over the past two years, Hammerson, the development manager for the
project, has obtained all administrative authorisations and design approvals.

The scheme will involve the creation of 26,000 m(2) of prime new offices behind
the listed facade on place Vendome and 3,000 m(2) of modern retail space in four
medium sized units fronting rue Saint Honore.

It is anticipated that the two year construction period will start in the final
quarter of 2003, subject to market conditions. Hammerson's share of the total
costs of the development, including site acquisition and financing charges, is
estimated at approximately £83 million.

Gerard Devaux, Managing Director Continental Europe, said:

        'This is one of the best locations in central Paris for both offices and
        shopping. We are delighted with this joint venture with AXA, which I
        believe demonstrates Hammerson's strong reputation in the French
        market.'

        For further information:

        John Richards      Tel: [phone]

        Chief Executive      Fax: [phone]

        Hammerson plc

        Chris Smith      Tel: [phone]

        Director of Corporate Affairs      Fax: [phone]

        Hammerson plc

Gerard Devaux      Tel: [phone]

Managing Director Continental Europe      Fax: [phone]

Hammerson France


                      This information is provided by RNS
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