Sale of 9 Place Vendôme, Paris

Hammerson and AXA REIM France have signed a conditional agreement to sell their shares in SAS 9 place Vendôme, the joint venture company which developed and owns the major office building at 9 place Vendôme, Paris 1er. Completion of the sale is scheduled for 9 July 2007 and the purchaser, SAS Sloane place Vendôme, has paid a non-refundable deposit of £13 million (€20 million).