10JS Cred Ag Co 22

RNS No 6658q
HAMMERSON PLC
6th February 1998


Hammerson Acquisition of Major Shopping Centre Development

Hammerson has exchanged contracts with Barclays Bank plc  to
acquire  a  50%  interest  in  the  major  shopping   centre
development, West Quay, Southampton.

West  Quay  will provide 70,600 m2 (760,000  ft2)   of  high
quality  retail accommodation on two levels on an 11 hectare
site  in  the  centre of Southampton.  The  scheme  includes
4,000  car parking spaces with a further 2,000 spaces nearby
and  links  directly to Southampton's current  prime  retail
pitch, Above Bar.

Agreements  to lease have been exchanged in respect  of  the
two anchor stores, John Lewis Partnership (25,000 m2/265,000
ft2)  and  Marks & Spencer (9,300 m2/100,000 ft2),  and  the
scheme also includes six large stores and 58 unit shops.

The development will be carried out on a 50:50 joint venture
basis   between Hammerson and Barclays at an estimated total
cost  before  financing of approximately #250  million  with
Hammerson responsible for overall project/asset management.

Sir  Robert  McAlpine  Ltd  has been  appointed  contractor.
Demolition is currently underway and construction will start
in  March this year with opening of the centre scheduled for
autumn 2000.

Commenting  on  the  transaction,  John  Richards,  Managing
Director of Hammerson UK, said:

"This is an exciting opportunity to develop a major shopping
centre  in  a  prosperous  part  of  the  country  which  is
currently not well-served by retail facilities.  There is  a
very  encouraging  level of interest from  major  retailers,
which  together  with the existing anchor lettings  to  John
Lewis  Partnership  and  Marks  &  Spencer,  underlines  the
potential  of  this scheme to establish Southampton  as  the
dominant regional retail centre."

This transaction continues Hammerson's strategy of investing
in and developing high quality regional shopping centres,  a
sector  which  the  group  believes will  demonstrate  above
average  returns  over  the next few  years.   Work  on  the
group's  other  major  UK shopping centre  development,  The
Oracle,  Reading,  is  progressing well  with  over  40%  of
anticipated total income now secure.

Hammerson  was  advised by Hillier Parker and  Barclays  was
advised by Healey & Baker.

For further information:

Ronald Spinney                             Tel:  0171 887 1000
Chief Executive                            Fax:  0171 887 1010
Hammerson plc

John Richards
Managing Director
Hammerson UK Properties plc

Christopher Smith
Director of Corporate Affairs
Hammerson plc


END


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