Hammerson Logo



RNS No 6889d
20 September 1999

Hammerson and Standard Life sell Holborn Estate for £118 million

Hammerson  plc and Standard Life Investments have exchanged contracts for  the
sale  of  their  shareholdings in Holborn Links Ltd  to  a  private 
investment company.   Holborn  Links Ltd owns approximately 40,000  sq.  m. of
 office  and retail  properties in central London which generated  a net 
rental  income  of £8.0 million in 1998.  Completion is scheduled for 14 
October 1999.

Currently  65.22%  of  Holborn Links Ltd is owned by Hammerson  and  34.78% 
by Standard  Life. id:

     '1999  has been an active year for Hammerson in the central London 
office market.   We  have  completed the acquisition of  three  major 
investment properties  and  secured  a further major City redevelopment 
opportunity, whilst  continuing our existing development programme.  The
proceeds  from this  sale will be reinvested in further attractive
opportunities and  the existing development programme.'

Alex Watt, Managing Director, Property Investment, Standard Life Investments

     'The  sale of our interest in Holborn Links Ltd coupled with other 
recent disposals,  notably  our £100m sale of five office  buildings  in 
London, Manchester and Birmingham, has enabled us to release substantial 
capital.  This  will  be reinvested in a number of new development
opportunities in continental Europe and here in the UK.'

For further information:

John Bywater                                                Tel: 0171 887 1000
Managing Director                                           Fax: 0171 887 1010
Hammerson UK

Christopher Smith
Director of Corporate Affairs
Hammerson plc