Acquisition

Hammerson PLC
18 November 2003




Hammerson Acquires Sheffield Retail Park for £60 million



Hammerson plc has acquired Drakehouse Retail Park, Sheffield, for £60.2 million,
inclusive of costs, from The Junction Limited Partnership. The transaction
reflects a net initial yield of 5.4%, upon settlement of outstanding rent
reviews and an equivalent yield of 5.9%. Drakehouse Retail Park, at 20,500 m(2),
is the largest retail park in Sheffield, and occupies a seven hectare site
approximately seven miles south east of the city centre and serves a catchment
population of over a million.



The scheme provides 18 units and 834 car park spaces. Retailers represented
include Focus DIY, Co-op Homestore, Currys, Comet and Carpetright. In addition
there is a McDonald's Drive-Thru restaurant. The scheme benefits from having a
partially open planning consent.



The retail park was built in 1997 and is expected to generate a total annual
rental income of approximately £3.3 million on settlement of outstanding rent
reviews. The average unexpired lease term is 19 years.


The acquisition will be financed from Hammerson's existing resources.

John Richards, Chief Executive of Hammerson, commented:



'    The retail park sector continues to perform very strongly. At Drakehouse
Retail Park there are further opportunities to improve the income through rent
reviews and the introduction of new tenants. We continue to make good progress
in our retail parks business and this acquisition follows successful recent
planning decisions, with consent secured for Cyfarthfa Retail Park, Merthyr
Tydfil and St. Oswald's Park, Gloucester.'


Hammerson was represented by FPD Savills. The vendor was represented by Montagu
Evans.




For further information:

John Richards                                            Tel:  [phone]
Chief Executive


David Atkins                                            Tel:  [phone]
Director, Retail Parks

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



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