Offer Update

Hammerson PLC
25 October 2002

Not for release, distribution or publication, in whole or in part, in or into
the United States, Canada, Australia or Japan

For immediate release                                          25 October 2002


                          Hammerson plc ('Hammerson')



Recommended unconditional cash offer for Grantchester Holdings PLC (the 'Offer')

Compulsory acquisition of Grantchester Shares

Hammerson is today issuing to Grantchester Shareholders who have not yet
accepted the Offer formal notices under section 429 of the Companies Act 1985
(as amended) to acquire compulsorily, on the terms of the Offer, the
Grantchester Shares which it has not already acquired, contracted to acquire or
in respect of which valid acceptances have not been received.

The compulsory acquisition process is expected to be completed on (or shortly
after) 6 December 2002 (being the expiry of six weeks after the date of the
statutory notice).  The Offer will remain open for acceptance until the
compulsory acquisition process has been completed.



The definitions used in the offer document dated 21 September 2002 have the same
meanings when used in this announcement, unless the context requires otherwise.



This press announcement does not constitute an offer or invitation to purchase
any securities or a solicitation of an offer to buy any securities, pursuant to
the Offer or otherwise.  The full terms and conditions of the Offer (including
details of how the Offer may be accepted) are set out in the offer document and
the Form of Acceptance accompanying the offer document.

The availability of the Offer to holders of Grantchester Shares who are not
resident in the United Kingdom may be affected by the laws of the relevant
jurisdictions.  Holders of Grantchester Shares who are not resident in the
United Kingdom should inform themselves about and observe any applicable
requirements.  The Offer is not being made, directly or indirectly, in or into
the United States, Australia, Canada or Japan and the Offer is not capable of
acceptance from or within the United States, Australia, Canada or Japan.
Accordingly, neither copies of this announcement nor any other documents related
to the Offer are being, or may be, mailed or otherwise forwarded, distributed or
sent in, into or from the United States, Australia, Canada or Japan and persons
receiving such documents (including custodians, nominees and trustees) must not
distribute or send them in, into or from such jurisdictions.

Dresdner Kleinwort Wasserstein Limited, which is regulated in the United Kingdom
by the Financial Services Authority, is acting for Hammerson in connection with
the Offer and no-one else and will not be responsible to anyone other than
Hammerson for providing the protections afforded to clients of Dresdner
Kleinwort Wasserstein Limited or for providing advice in relation to the Offer.




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