Sale of Three Office Building

Hammerson PLC
06 May 2004






Embargoed until 11.00 a.m. - Thursday, 6 May 2004



Hammerson - Sale of Three Euston Square Office Buildings for £124 million

Hammerson plc has exchanged contracts for the sale of its long leasehold
interest in Euston Square Estate, London NW1, to Ancient Mariner Properties Ltd,
a private company within the Scarborough Group of companies, for a total of £124
million in cash. It is anticipated that completion will take place in May 2004.
The Euston Square Estate was valued at £102 million as at 31 December 2003.

Hammerson acquired the three office buildings, which make up the Euston Square
Estate, in 1999. Grant Thornton House provides 6,400 m(2) of offices and is
leased to Grant Thornton; 40 Melton Street provides 10,800 m(2) of offices and
is leased to Network Rail; whilst One Eversholt Street, provides 10,900 m(2) of
office space and is predominantly leased to Network Rail. The three buildings
generated an aggregate net rental income of £8.6 million in 2003.

John Richards, Chief Executive of Hammerson said:

'The sale of these assets is in line with Hammerson's policy of recycling
capital. The proceeds will be used to fund the group's current development
programme.'

Hammerson was advised by CB Richard Ellis.




For further information:

John Richards                                            Tel: [phone]
Chief Executive

Christopher Smith                                        Tel: [phone]
Director of Corporate Affairs                      [e-mail]





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