Stmt re Brent Cross Challenge

Hammerson PLC
24 October 2000


BRENT CROSS HIGH COURT CHALLENGE SUCCESSFUL

Hammerson plc and Standard Life Investments, together with the London
Borough of Barnet, have succeeded in their High Court appeal today (23
October) when the Secretary of State's decision in April 2000 to refuse
planning consent for the extension to Brent Cross Shopping Centre was
quashed by consent.

The Secretary of State now acknowledges that his interpretation of the
Regional Policy, in so far as it did not support Brent Cross, was
unreasonable and that Regional Planning Guidance envisages some development
of Brent Cross.

As a result the refusal to grant planning permission is quashed and the
application can be re-determined by a new inquiry.

Hammerson plc, Standard Life Investments and Barnet Council have
successfully argued that further development at Brent Cross has the support
of Regional Planning Guidance:

'Within London, the regional shopping centre of Brent Cross should be
supported, but any future development should be linked to an enhanced role
for public transport to serve its catchment area.' (RPG3)

The Brent Cross extension proposals involve increased retail floorspace of
290,000 ft sq (27,000msq), 1,500 jobs, a major new store and 20 new shop
units. In line with Government policy, the proposals involved no net
increase in car parking and incorporate a charging policy for shoppers' car
parking as part of an integrated approach to transport.

To increase public transport use and reduce reliance on private car access
the proposals also include a £30 million investment into public transport.

John Richards, Chief Executive of Hammerson plc, said:
'We are pleased that we now have a clear policy against which any Brent
Cross application will be considered. Of course, we shall be consulting
widely about the best way forward to ensure visitors to Brent Cross and the
local community benefit from an attractive environment in which to live,
work and shop. We are looking forward to participating in a dialogue on the
role Brent Cross has to play in the future for north west London shopping,
its role as a major economic generator, the enhancement of its 4,500 jobs,
and making its excellent public transport links even more accessible to
local residents and employees alike.'

Alex Watt, Managing Director, Property Investments, Standard Life
Investments, said:
'The successful outcome of the appeal means that over the coming months we
will be working closely with Barnet and other interested parties to plan a
future for Brent Cross to maintain its position as the pre-eminent shopping
area for north west London.  We will also plan its evolution in a
sustainable way to enhance the environment, create jobs, encourage the
regeneration of the wider area and improve both the quality and quantity of
public transport.'


For further information:

Gary Pleasants                   
Good Relations                   Tel: [phone]
                                 
John Richards                    
Chief Executive                  Tel: [phone]
Hammerson                        
                                 
Alex Watt                        
Managing Director                Tel: [phone]
Property Investments,            
Standard Life Investments