Acquisition

Hammerson PLC
28 July 2006


For immediate release - Friday, 28 July 2006

Hammerson Interest in Aberdeen Development Increased to 100%

Hammerson plc has acquired for £20.1 million a further 50% interest in the
proposed Union Square development in Aberdeen, taking its interest in the scheme
to 100%. The vendor is R & M Investments (BVI) Limited, a 50:50 joint venture
between Multiplex Ltd and Aldersgate Investments.

Hammerson acquired its original 50% interest as part of the portfolio purchased
in December 2002 from RT Group PLC (formerly Railtrack Group plc).

Multiplex has acted as development manager for the 50,000 m(2) scheme. Following
this transaction, Hammerson has taken full control of the development, with
Multiplex retained as project managers for the Phase I freight terminal
relocation and station development works.

The proposed scheme on the nine hectare site adjacent to Aberdeen's railway
station is a hybrid of a traditional mall and retail park, providing: 21,000 m
(2) of retail units; a 16,300 m(2) retail terrace; 7,800 m(2) of leisure and
catering; a 4,200 m(2) Cine UK multiplex cinema; 1,700 parking spaces; and a
civic square. The first phase of the development is expected to begin later this
year and around 40% of the scheme is pre-let or in solicitors' hands.

The estimated total development cost of the scheme is approximately £190 million
and the projected net rental income is £13.7 million per annum.

John Richards, Chief Executive of Hammerson plc, said:

  'Hammerson is very pleased to take total control of this exciting development
  opportunity. We believe there is significant potential for this type of hybrid
  scheme, which meets retailers' needs for large, efficient floorplates and high
  footfall. Union Square will be the largest scheme of its type in Scotland.

  Aberdeen's economy is buoyant and this development will bring well-configured
  retail space to boost the city's growth.'


Jayne McGivern, Chief Executive, Multiplex Developments UK Limited said:


  'This sale to Hammerson allows Multiplex to realise value generated over the
  past three years. We have improved the planning consent and advanced the
  project, thereby increasing the value of the site. However, having reviewed 
  the letting risk, programme for delivery and timing of profit release, both
  Multiplex and Aldersgate concluded that Hammerson is best placed to take the
  scheme forward as sole owner on the basis that the early profit can be
  reinvested in other opportunities.'



For further information:

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

Chris Smith, Director of Corporate Affairs                  Tel:  [phone]
Hammerson plc                                   [e-mail]



Notes to Editors

 1. Hammerson plc is a leading European real estate investment and development
    company. Established over 50 years ago, the group has operations in the UK,
    France and Germany. Its high quality portfolio provides over 1,200,000 m(2)
    of retail space and 260,000 m(2) of prime offices and was valued at £5.7
    billion at 31 December 2005.

 2. Hammerson has a track record of carrying out successful major regeneration
    and development schemes. Recent projects have included Bishops Square in
    London, The Bullring in Birmingham and WestQuay in Southampton. Hammerson is
    also working with joint venture partners to carry out major redevelopments
    in Bristol and Leicester.

 3. R & M Investments (BVI) Limited is a joint venture between Multiplex Ltd. (a
    subsidiary of Australian property and construction company Multiplex Group)
    and Aldersgate Investments (a vehicle of the Reuben brothers).

 4. Further information on Hammerson is available at www.hammerson.com



                      This information is provided by RNS
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