Sale of Retail Park

Hammerson PLC
08 July 2004



         NEWS RELEASE   Immediate Release - Thursday, 8 July 2004


     Hammerson - Sale of Parc Fforestfach Retail Park for £88.2 million


Hammerson plc has exchanged contracts for the sale of its freehold interest in
Parc Fforestfach Retail Park, Swansea, to Henderson Global Investors. The net
cash proceeds will be £88.2 million after costs and it is anticipated that
completion will take place at the beginning of August. Parc Fforestfach had a
book value of £73.1 million and annual passing rents of £3.5 million as at 31
December 2003.


The acquisition of Parc Fforestfach in August 2002, for £58 million, represented
Hammerson's first investment in the retail park sector. At the time of purchase,
the scheme was around 60% let. Hammerson successfully completed the letting
programme, creating a strong tenant mix. The principal tenants at the 12,600 m
(2) (136,000 ft(2)) scheme include, Argos, JJB Sports, Next, Borders and Marks &
Spencer.


John Richards, Chief Executive of Hammerson said:


  'The sale of this property is in line with Hammerson's policy of recycling
  capital and brings to over £300 million the amount raised from disposals this
  year. We have again seen exceptionally strong demand from investors for prime
  retail park assets, which was reflected both in the number and quality of bids
  received for the property.


  The proceeds will be used to fund the group's current development programme,
  which includes Cyfarthfa Retail Park, Merthyr Tydfil, where construction work
  started on site in February this year, and St Oswald's Retail Park, 
  Gloucester, where work is scheduled to begin shortly.


  Our entry into the retail parks market at the end of 2002 has proved to be 
  very successful and the portfolio continues to offer excellent growth 
  prospects.'



Hammerson was represented by Harvey Spack Field. The purchaser was represented
by Morgan Williams.




For further information:

John Richards                                          Tel: [phone]
Chief Executive, Hammerson plc


Olivia Hall                                            Tel: [phone]
Corporate Communications Manager, Hammerson plc        [e-mail]










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