Hammerson HO Relocation

Hammerson PLC
30 August 2005

Immediate release - Tuesday, 30 August 2005

Hammerson Head Office Relocation to 10 Grosvenor Street

Hammerson plc will be relocating its UK headquarters to 10 Grosvenor Street,
London W1, from its current location at 100 Park Lane, London W1.

10 Grosvenor Street, which comprises 5,900 m(2) (63,500 ft(2)) of office and
retail space, was developed by The Grosvenor Street Limited Partnership, a 50:50
joint venture between Hammerson plc and Grosvenor. Hammerson has signed a lease
with the Partnership for 3,960 m(2) (42,600 ft(2)) of office accommodation on
the lower ground, ground and first to third floors of the six storey building,
at an average rent of £679 per m(2) (£63.10 per ft(2)), following an average
rent free period of 16 months. The lease term is 15 years with a tenant's break
option on the tenth anniversary.

Following the signing of this lease, the office space at 10 Grosvenor Street is
fully let. It is anticipated that Hammerson will take occupation of the building
in summer 2006. Hammerson initially plans to sublet 1,040 m(2) (11,200 ft(2)) of
space on the third floor.

Hammerson currently occupies 100 Park Lane under a lease from Grosvenor, which
owns the freehold. The parties have agreed to dispose of a long leasehold
interest in 100 Park Lane, for which consent has been granted for either a major
refurbishment as offices or for residential use. Under the terms of this
agreement, Hammerson will receive around 40% of the sales proceeds. Savills, the
leading international property services group, has been instructed to market the
building on behalf of the joint vendors.

John Richards, Chief Executive of Hammerson plc, said:

' Hammerson has shown substantial growth in the last few years and 100 Park
Lane, which the group has occupied since 1970, no longer meets the group's
requirements.  10 Grosvenor Street will provide Hammerson with modern, efficient
office accommodation and the flexibility to expand in the future. The move also
enables us to work with Grosvenor to unlock the value of 100 Park Lane.'

Associated British Foods plc occupies 1,410 m(2) (15,150 ft(2)) of space on the
top two floors of 10 Grosvenor Street.


For further information:

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

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







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