Paris Letting

Hammerson PLC
15 October 2003



Hammerson Agrees Paris Office Letting


Hammerson plc has signed a lease with GIE SC Autoroutes for 2,900 m(2) of office
accommodation at 148 rue de l'Universite, Paris 7eme, which will generate an
initial annual income of €2.1 million (£1.5 million).


GIE SC Autoroutes, the public body responsible for the French motorway network,
will occupy the ground and second floors of the building and approximately half
of the third floor. The lease term is nine years, with a tenant's break option
at the end of the sixth year. There will be a rent free period of six months.
The rent for the office space is equivalent to €715/m(2). Following this
letting, 1,500 m(2) of the 10,300 m(2) building remains available. Existing
tenants include Microsoft, the Japanese Embassy and LBO France.



Hammerson acquired the site of 148 rue de l'Universite in December 1999 and
commenced the redevelopment in January 2001. The building was completed in
November 2002 at a total  development cost of approximately £74 million (€105
million).


John Richards, Chief Executive, said:



           '  I am delighted that we have now leased the majority of
148 rue de l'Universite. We are currently in discussions with other potential
occupiers in respect of the remaining space.


            This transaction and the discussions currently underway, demonstrate
that there is continuing demand from occupiers for prime new office
accommodation in central Paris.'


Hammerson was advised by Jones Lang LaSalle.


For further information:

John Richards                                               Tel:  [phone]

Chief Executive


Christopher Smith                                           Tel: [phone]
Director of Corporate Affairs                             [e-mail]

Gerard Devaux                                          Tel:  [phone]

Managing Director, Continental Europe


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