Sale of Retail Park

Hammerson PLC
24 June 2004

               NEWS RELEASE

               Immediate Release - Thursday, 24 June 2004



Hammerson - Sale of Ravensbourne Retail Park, Catford for £30.9 million

Hammerson plc has exchanged contracts for the sale of its freehold interest in
Ravensbourne Retail Park, Catford, to Standard Life Investments for a total
consideration of £30.9 million in cash, in line with its book value at 31
December 2003. It is anticipated that completion will take place by the end of
June 2004.

The tenants of the 6,700 m(2) freehold property are PC World, Currys, Comet,
Harveys and Carpetright. The property generated passing rents of £1.5 million
per annum at 31 December 2003. The property was acquired by Hammerson through
its purchase of Grantchester Holdings PLC in September 2002.

John Richards, Chief Executive of Hammerson, said:

     ' In building our retail parks business, our strategy is to focus on those
     assets where we can add value through development or active asset 
     management. We are recycling the proceeds from this disposal into a number 
     of projects and continue to look for further opportunities in the sector.'

Hammerson was represented by Wilkinson Williams. The purchaser was represented
by Green & Partners.


For further information:

John Richards                                                 Tel: [phone]
Chief Executive, Hammerson plc

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



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