Disposal

Hammerson PLC
31 March 2003



For immediate release - 31 March 2003


Hammerson Sells Two London Office Buildings for £192 million


Hammerson plc has sold two office properties, Globe House, London WC2 and 16 Old
Bailey, London EC4, to CGI, a German fund, for a total of £192 million in cash.
The two properties have a current book value of £186 million.


Globe House is a 17,900 m(2) building which was leased by Hammerson to BAT plc
for 20 years from July 1998. In August 2002, a new 22 year lease was agreed with
BAT at a rent of £10.3 million per annum. The net sales proceeds will amount to
approximately £142 million.


The second building, 16 Old Bailey, totalling 8,700 m(2), is occupied by Withers
under three leases with an average unexpired term of 14 years, at a current
annual rent of £3.6 million. The net sales proceeds will amount to approximately
£50 million.


Following the sales, the group's office buildings in central London will
represent around 19% of the total portfolio, compared with 23% at 31 December
2002.


John Richards, Chief Executive of Hammerson said:


        'These sales indicate the continuing demand for prime office buildings
        let on long leases to good covenants. As well as reducing our central
        London office weighting, the transaction increases the group's financial
        resources.'


Hammerson was advised by Insignia Richard Ellis and CGI was advised by FPD
Savills.


For further information:


        John Richards

        Chief Executive

        Hammerson plc


        Chris Smith      Tel: [phone]

        Director of Corporate Affairs      Fax: [phone]

        Hammerson plc



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