Disposal

Hammerson PLC
08 May 2003

Embargoed until 11.00 a.m. - Thursday, 8 May 2003




Hammerson plc Sale of Paris Office Building


Hammerson has exchanged contracts for the sale of 53 quai d'Orsay, Paris 7eme to
KanAm Grund Kapitalanlagegesellschaft mbH, a German fund, for net proceeds of
£74 million (€106 million). The sale price takes into account the remaining cost
of the tenant's rent free period. The 9,200 m(2) office building was redeveloped
by Hammerson and completed in September 2002 at a total cost of €91 million.


The building was leased to Latham & Watkins, a leading US firm of lawyers, in
November 2002 at an annual rent of €6.8 million.


It is anticipated that completion of the sale will take place in early July and
that the proceeds, which are close to book value, will be used to reduce the
group's borrowings.


Gerard Devaux, Managing Director, Hammerson France, said:


        '     Our strategy in Paris is to develop and invest in high quality
        office buildings. This sale demonstrates the continuing demand from
        investors for such property and has enabled Hammerson to crystallise an
        attractive development profit.'


Hammerson was advised by Insignia Bourdais and Jones Lang LaSalle.







For further information:


        Gerard Devaux     Tel: [phone]

        Managing Director

        Hammerson France


        Chris Smith      Tel: [phone]

        Director of Corporate Affairs [e-mail]

        Hammerson plc



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