Investment

Hammerson PLC 16 July 2001 Hammerson Invests in Stonemartin Hammerson plc has agreed to subscribe for approximately 14% of the enlarged share capital of Ashquay Group PLC, which subject to shareholder approval of Ashquay's shareholders, will be renamed Stonemartin plc ('Stonemartin') following the acquisition by Ashquay Group PLC of Stonemartin Corporate Centres Limited in an agreed share for share offer. The consideration for the shares to be acquired by Hammerson will be £4 million. The subscription by Hammerson is conditional on Ashquay's shareholder approval and the disposal of certain of Ashquay's property assets. Stonemartin aims to provide high quality serviced offices operating under the Institute of Directors' brand name ' IoD' to be known as IoD Corporate Centres. Stonemartin is responsible for the costs of running but not for the funding or cost of fitting out each centre, which is assumed by a separately owned limited partnership. Stonemartin will be responsible for the running of the centres under a separate management agreement with the owning partnership and will be remunerated by receiving a proportion of the revenue from each centre. Stonemartin currently manages a serviced office centre in Bristol and is to operate an IoD branded centre at Peter House in Manchester. Peter House was acquired from Hammerson in 2000 by a limited partnership comprising Britel Fund Trustees Limited (managed by Hermes) and Norwich Union Life and Pensions Limited, (managed by Norwich Union), who have funded the acquisition and fit out of the centre. The partnership has agreed that Stonemartin will operate this property as an IoD Corporate Centre. Commenting on the transaction, John Richards, Hammerson's Chief Executive said: ' This is an opportunity for Hammerson to participate in a focused way in the serviced office sector. The association with the Institute of Directors gives Stonemartin a strong brand name and access to the IoD's membership. The limited partnership structure is intended to protect Stonemartin from the commercial risk of owning or leasing buildings.' For further information: John Richards Tel: 020 7887 1000 Chief Executive Hammerson plc Christopher Smith Tel: 020 7887 1000 Director of Corporate Affairs Hammerson plc

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Hammerson (HMSO)
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