Re Contract

Hammerson PLC
26 February 2003



For immediate release - Wednesday, 26 February 2003


Hammerson plc - Property Acquisition in Sittingbourne




Hammerson plc has completed the purchase of a long leasehold interest in
Sittingbourne Industrial Park, Sittingbourne, from a private investor for £16.8
million. The current rental income is approximately £1.4 million per annum.


Hammerson is working up proposals for the potential redevelopment of this
strategic town centre site to provide retail, leisure and residential
accommodation.


On a site of around 25 acres, the property currently comprises 35,000 m(2)
(374,000 ft(2)) of light industrial and warehouse units built in the early
1970's. Sittingbourne is located 44 miles to the south east of London in an area
earmarked by the Government for significant residential expansion over the
coming years.


The acquisition will be financed from Hammerson's existing resources.


John Bywater, Managing Director of Hammerson UK, commented:


             '     Following our recent entry into the retail warehousing
        sector, we have been seeking additional opportunities for expansion.
        This property provides an attractive current yield and the opportunity
        to add value through a redevelopment in an area that is likely to see
        significant inward investment in the next few years.'


Hammerson was represented by Holley Blake. The vendor was represented by the
iOG.









        For further information:


John Bywater                                         Tel: [phone]


        Managing Director, UK      Fax: [phone]


        David Atkins

        Director, Retail Parks


Christopher Smith

Director of Corporate Affairs











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