Re Joint Venture

Hammerson PLC
19 March 2003


Hammerson and West Coast Capital terminate Westchester Joint Venture

Hammerson plc and West Coast Capital, the venture capital fund, have terminated
their Westchester joint venture. This joint venture was formed in June 2001 by
Grantchester Holdings (subsequently acquired by Hammerson) and West Coast
Capital.

Under the terms of the agreement the assets owned by the joint venture have been
sold to Hammerson and West Coast Capital. Hammerson has acquired the East Kent
and Westwood Retail Parks at Thanet, Kent, whilst West Coast Capital has
acquired two restaurant units at Springkerse Retail Park, Stirling; Mercia
Retail Park, Durham; and an office property at 12-16 Denmark Street, High
Wycombe. The total value of the assets previously owned by the joint venture,
which are now owned outright by Hammerson, is approximately £35 million.


        For further information:

        John Richards

        Chief Executive

        Hammerson plc

        Chris Smith      Tel: [phone]

        Director of Corporate Affairs      Fax: [phone]

        Hammerson plc



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