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Home , Balfour Beatty, Debenhams, Hammerson, House of Fraser, Retail park, The Centre (Livingston)

102 ProPerty Portfolio

Hammerson owns a portfolio of prime property assets in the UK and france. the portfolio, which is valued at £5.3 billion, includes 17 major shopping centres, 17 and seven office properties. plc annual report 2010 103

UK shopping centres

our nine UK shopping centres attract over 160 million visitors each year and rank amongst the top 30 retail destinations in the UK. the portfolio includes internationally recognised city-centre schemes such as bullring, ; brent cross in north and o verview the oracle, reading. the most recent additions to our portfolio are Union square in , which we completed in october 2009, and silverburn, , acquired in december 2009.

Brent Cross, London NW4 JV partner: Standard Life (59%) Brent Cross, situated in affluent North West London, Key dates: 1976 developed, 1995 enjoys a loyal customer base with 15 million visits per refurbished

year. is regularly the location of choice for tenure: Leasehold bU international retailers launching in the UK, principal occupiers: Fenwick, John governance siness and financial review such as Abercrombie & Fitch’s brand Hollister, which Lewis, Marks & Spencer, Waitrose opened its first UK store at Brent Cross in Summer number of tenants: 117 2008 and Banana Republic, which opened its first UK unexpired lease term to expiry: 8 years Ownership mall store in December 2009. The centre benefits from occupancy rate: 99.6% strong transport links: it is served by three main arterial rents passing: £18 million p.a. 2 41% routes – the M1, A406 and A41 – three train stations, average rents passing: £1,135 per m environmental rating: None Property net internal area and a major station. Hammerson and Standard 2 Life have secured planning consent for a major 83,200m extension to the centre which includes the Cricklewood development area adjacent to the centre.

Highcross, J V p a r t n e r : R o y a l M a i l P e n s i o n P l a n ( 4 0 %) Highcross opened to the public in September 2008 Key dates: 2002 acquired, opened following a three-year development and refurbishment September 2008 (redevelopment and programme. This major project comprised an refurbishment) extensive refurbishment of the former Shires shopping tenure: Freehold centre, together with a 61,000m2 mixed-use extension. principal occupiers: Cinema de Lux, The project, which created two new iconic anchor , of Fraser, John and two public squares, more than doubled Lewis, Next, River Island, Zara Ownership the size of the existing centre with 40 additional retail number of tenants: 132

units, and revitalised Leicester’s shopping, dining unexpired lease term to expiry: 13 years financial statements 60% and city centre living. The scheme is anchored by occupancy rate: 95.3% Property net internal area John Lewis, , Debehams and Next. rents passing: £17.3 million p.a. 2 2 Recent openings included Jones the Bootmaker and average rents passing: £445 per m 104,700m Foot Asylum. environmental rating: BREEAM Very Good

Bullring, Birmingham JV partners: Future Fund (33%), Developed in 2003 and now owned in a three-way joint Henderson Global Investors (33%) venture between Hammerson, Henderson Global Key dates: 2003 developed

Investors and Future Fund, Bullring has transformed tenure: Leasehold P ro principal occupiers: Debenhams, Birmingham’s city centre. With footfall of almost P Perty 40 million a year, it is one of the UK’s most successful retail destinations and regeneration projects. number of tenants: 163 ortfolio Anchored by Selfridges and Debenhams, Bullring unexpired lease term to expiry: 8 years Ownership continues to attract high quality aspirational UK and occupancy rate: 99.3% international brands, demonstrated by recent lettings rents passing: £16.4 million p.a. 2 33% to Forever 21, Hugo Boss and Hollister. The catering average rents passing: £495 per m Property net internal area offer continues to flourish with 14 restaurants including environmental rating: None 2 Pizza Express, Wagamama and Jamie’s Italian and we 124,300m have received planning permission for an additional 1,000m2 restaurant quarter. 104 ProPerty Portfolio

Cabot Circus, JV partner: Land Securities (50%) opened to the public in Key dates: Opened September 2008 September 2008 following a three-year tenure: Leasehold programme. The retail element principal occupiers: , is anchored by House of Fraser and Harvey House of Fraser Nichols department stores and provides number of tenants: 134 150 retail units, including 15 flagship stores, unexpired lease term to expiry: 11 years cafés, bars and restaurants. The scheme also occupancy rate: 98.5% Ownership includes 250 residential units, a 13-screen rents passing: £15.1 million p.a. 2 Cinema de Lux, two new public squares, average rents passing: £385 per m 50% three pedestrianised shopping streets and environmental rating: BREEAM Excellent Property net internal area 2,600 parking spaces. Since opening, the 2 centre has continued to attract a range of 95,600m aspirational retailers, including Hollister. Recent openings include PC World, GarmentQuarter, Bergshaw and Krispy Kreme.

the oracle, Reading JV partner: ADIA (50%) Since opening in 1999, The Oracle has Key dates: 1999 developed become the foremost shopping and leisure tenure: Leasehold destination in the Thames Valley region. principal occupiers: Debenhams, Developed in a joint venture between House of Fraser Hammerson and the Abu Dhabi Investment number of tenants: 114 Authority (ADIA), The Oracle continues to unexpired lease term to expiry: 8 years attract UK and international retailers including occupancy rate: 99.3% Ownership Reiss, L’Occitane, Crew Clothing, Pandora rents passing: £14.0 million p.a. 2 and Lakeland. The Riverside, The Oracle’s average rents passing: £530 per m 50% restaurant and leisure venue designed to environmental rating: None Property net internal area regenerate Reading’s riverside area, is home 2 to 18 cafés and restaurants including Jamie’s 70,700m Kitchen and Tampopo, and a 10-screen Vue cinema.

WestQuay, JV partner: GIC (50%) Developed by Hammerson and opened in Key dates: 2000 developed 2000, WestQuay has established tenure: Leasehold Southampton as the region’s premier principal occupiers: John Lewis, shopping destination. Many of WestQuay’s Marks & Spencer retailers are unique to the region, including number of tenants: 93 flagship fashion and lifestyle stores. Recent unexpired lease term to expiry: 6 years openings include Jones the Bootmaker, occupancy rate: 99.2% Ownership Pandora, Yo! Sushi, and TM Lewin. rents passing: £13.8 million p.a. 2 Hammerson is working on proposals for the average rents passing: £620 per m 50% next phase of Southampton’s regeneration, environmental rating: ISO 14001 Property net internal area Watermark WestQuay, on a 2.4 hectare site 75,600m2 adjacent to the shopping centre. Hammerson plc annual report 2010 105

union Square, Aberdeen Key dates: Opened October 2009 Union Square, Aberdeen, opened to the public tenure: Freehold in October 2009 and provides a combination principal occupiers: Apple, Cine UK, H&M, of traditional mall shopping and a retail terrace. Marks & Spencer, Next, Zara Adjacent to Aberdeen’s central railway station, number of tenants: 69 the scheme is the largest development of its unexpired lease term to expiry: 15 years 2 occupancy rate: 87.8% type in , providing 18,000m of retail o verview units, a 15,000m2 shopping , 10-screen rents passing: £12.3 million p.a. Ownership 2 cinema, 5,700m2 of restaurants and catering average rents passing: £355 per m space, a 200-bed hotel 1,700 parking spaces environmental rating: BREEAM Very Good 100% and a new civic square. The centre has Property net internal area brought new retailers to the city including 2 Apple, Hollister and Gio Goi, as well as 53,300m restaurants such as Wagamama and Giraffe.

Silverburn, Glasgow JV partner: Canada Pension Plan Investment Hammerson and Canada Pension Plan Board (50%) bU Investment Board (CPPIB) entered into a Key dates: 2007 opened, 2009 acquired governance siness and financial review 50:50 joint venture to purchase Silverburn in tenure: Freehold December 2009. Opened in 2007, Silverburn principal occupiers: Debenhams, Marks & is a single-level covered centre with 100 Spencer, New Look, Next, Extra tenants and 4,500 parking spaces. The site number of tenants: 100 includes a 20,000 m2 Tesco Extra. The centre unexpired lease term to expiry: 11 years Ownership attracts approximately 14 million customers occupancy rate: 98.6% per year and is anchored by Debenhams, rents passing: £9.4 million p.a. 2 50% Marks & Spencer, Next and TKMaxx. 2010 average rents passing: £340 per m Property net internal area lettings included Fat Face, Handmade environmental rating: None 2 Burger Co and Modelzone. In October 2010, 91,100m Hammerson received planning application approval to extend the existing centre by an additional 7,728m2, creating high-quality retail and leisure space.

Queensgate, JV partner: Aviva Investors (50%) The centre is a fully enclosed two-level Key dates: Acquired 2005 shopping centre with 117 tenants and 2,300 tenure: Freehold car parking spaces. Hammerson acquired its principal occupiers: Bhs, , John Lewis, Marks & Spencer, Next, Waitrose 50% interest in the centre in 2005. Adjacent to financial statements the city centre railway station, it represents number of tenants: 117 the principal retail offer in Peterborough with Weighted average unexpired lease term: 16 years an annual footfall of 15 million. The scheme is occupancy rate: 95.7% Ownership anchored by John Lewis, Marks & Spencer rents passing: £7.9 million p.a. 2 and Waitrose. The centre is being average rents passing: £325 per m 50% repositioned to bring new retailers into the environmental rating: None Property net internal area city including a new 5,500m2 Primark unit. 2 Recent openings include Cult, Republic 81,000m and Schuh. P ro

Ownership Bristol Investment properties JV partner: Land Securities (50%) P Perty These properties are adjacent to the Cabot Key dates: Acquired 2000-2006 tenure: Leasehold 50% Circus scheme and have recently been ortfolio refurbished. principal occupiers: Bhs, Currys, Sports World, Property net internal area Superdrug 2 number of tenants: 67 33,700m Weighted average unexpired lease term: 11years occupancy rate: 99.7% rents passing: £4.1 million p.a. average rents passing: £265 per m2 environmental rating: None 106 ProPerty Portfolio

UK retail Parks

Hammerson owns 16 retail parks in the UK which together provide over 370,000m2 of floorspace. these easily accessible parks, located on the edge of town centres, are let to both bulky goods and fashion retailers. they offer large-format modern stores with ample parking.

Manor Walks, Cramlington Key dates: 2006 acquired Manor Walks Shopping Centre and the tenure: Freehold adjoining Westmorland Retail Park form principal occupiers: Argos, Asda, Boots, the core retail area of Cramlington which Next, Sainsbury’s is situated nine miles north of Newcastle. number of tenants: 100 Planning exists for 2,500m2 of retail unexpired lease term to expiry: 5 years floorspace proposed as part of a larger retail occupancy rate: 88.1% and leisure development. planning: Open A1 Ownership rents passing: £6.2 million p.a. average rents passing: £145 per m2 100% environmental rating: None Property net internal area 52,400m2

Fife Central retail park, Key dates: 2005 acquired, 2009 extension Hammerson acquired Central Retail Park tenure: Freehold in Kirkcaldy in April 2005. The park was principal occupiers: Argos, B&Q, Boots, developed in 1997 and following completion Homebase, , Next, Sainsbury’s of an 11,000m2 extension, the park now number of tenants: 19 comprises 16 retail and three restaurant units. unexpired lease term to expiry: 12 years The extension is anchored by B&Q and occupancy rate: 100% Sainsbury’s, with other tenants including planning: Part open A1, part bulky goods Ownership Argos, PC World, Toys ‘ ’R Us and Mothercare. rents passing: £5.6 million p.a. average rents passing: £200 per m2 100% environmental rating: BREEAM Pass Property net internal area 28,200m2

Westwood & Westwood Gateway Key dates: 2002 acquired, 2009 extended , Thanet tenure: Freehold retail parks Argos, Bhs, Comet, Hammerson owns two adjacent schemes, principal occupiers: Homebase, Matalan, Sportsworld Westwood Retail Park (formerly East Kent 17 and Westwood Retail Parks) and Westwood number of tenants: 14 years Gateway Retail Park. The former Westwood unexpired lease term to expiry: 100% Retail Park was redeveloped by Hammerson occupancy rate: Part open A1 in 2009 to create a new 5,300m2 terrace let planning: Ownership £5.0 million p.a. to Bhs, Brantano and Dunelm Mill. Other rents passing: £205 per m2 occupiers include Argos, Matalan and average rents passing: 100% None Sports Direct. environmental rating: Property net internal area 24,700m2 Hammerson plc annual report 2010 107

ravenhead retail park, St Helens Key dates: 2007 acquired Ravenhead Retail Park is an out-of-town tenure: Freehold high-specification modern retail park which principal occupiers: Argos, B&Q, Boots, Currys, was developed in several phases from 2000 Next, Outfit, Smyths Toys to 2006. Smyths Toys opened in 2010. number of tenants: 18 Planning consent exists for a further 5,800m2 unexpired lease term to expiry: 13 years occupancy rate: 100% of new retail floorspace. o verview planning: Part open A1, part bulky goods Ownership rents passing: £4.8 million p.a. average rents passing: £175 per m2 100% environmental rating: BREEAM Pass Property net internal area 27,500m2

Cyfarthfa retail park, Merthyr Tydfil Key dates: 2005 developed Hammerson completed construction of tenure: Freehold bU Cyfarthfa Retail Park in January 2005. The principal occupiers: Argos, B&Q, Boots, Currys, governance siness and financial review scheme is fully let and comprises 13 retail Debenhams, DW Sports, New Look, Next, units and three fast food outlets. The retail TK Maxx park, which is one of the most successful in number of tenants: 16 South Wales, also includes a DW Sports unexpired lease term to expiry: 13 years health club, and parking for over 1,000 cars. occupancy rate: 100% Ownership planning: Mixed (open A1, bulky goods, restaurant) 100% rents passing: £4.6 million p.a. 2 Property net internal area average rents passing: £195 per m 23,600m2 environmental rating: None

St oswald’s retail park, Gloucester Key dates: 2005 developed Phase one of this 35,000m2 mixed-use tenure: Leasehold development, located north of Gloucester principal occupiers: B&Q, Comet, JJB Sports, city centre, includes 19,400m2 of bulky goods Mothercare, ScS retail and leisure space in two terraces, 1,100m2 number of tenants: 13 of restaurants, and 990 parking spaces. unexpired lease term to expiry: 17 years occupancy rate: 100% planning: Mixed (open A1, bulky goods, Ownership restaurant) financial statements rents passing: £4.5 million p.a. 100% average rents passing: £220 per m2 Property net internal area environmental rating: None 20,500m2

Cleveland retail park, Key dates: 2002 acquired, 2006 extended, 2009 reconfiguration

tenure: Freehold P

The scheme was initially extended in 2006 ro principal occupiers: Argos, B&Q, Boots, Currys, and again in 2009. B&Q is the main anchor P Perty Matalan, Next, Outfit occupying a 9,500m2 unit and following the 19 recent extension the scheme now includes number of tenants: 14 years ortfolio Outfit, Boots, Next and Argos. unexpired lease term to expiry: occupancy rate: 97.7% Ownership planning: Part open A1, part bulky goods rents passing: £4.0 million p.a. 100% average rents passing: £155 per m2 Property net internal area environmental rating: BREEAM Good 27,300m2 108 ProPerty Portfolio

Drakehouse retail park, Key dates: 2003 acquired Hammerson acquired Drakehouse Retail Park tenure: Freehold in 2003. The scheme is located seven miles principal occupiers: Carpetright, Comet, from Sheffield city centre and adjoins Crystal Currys, Dreams, Focus, Homebase, JD Sports, Peaks Shopping Centre. Tenants include JJB Sports, Smyths Toys Homebase, Currys, Comet, Smyths Toys and number of tenants: 17 Dreams. In addition there is an 830 space unexpired lease term to expiry: 12 years car park. occupancy rate: 100% Ownership planning: Restricted open A1 rents passing: £4.0 million p.a. 100% average rents passing: £195 per m2 Property net internal area environmental rating: None 20,500m2

Battery retail park, Birmingham Key dates: Built 1990, 2010 bought out partner Built in 1990, Battery Retail Park is located tenure: Leasehold four miles to the southwest of Birmingham principal occupiers: B&Q, Currys, Halfords, city centre. The park consists of eight units Homebase, Next, PC World including a 900m2 unit which was developed number of tenants: 8 and let to Next in 2009. The asset offers unexpired lease term to expiry: 5 years further redevelopment potential. In 2010, occupancy rate: 100% planning: Open A1 and restaurants Ownership Hammerson bought out its partner to become sole owner. Planning permission has been rents passing: £4.0 million p.a. 2 secured for the redevelopment of the B&Q average rents passing: £305 per m 100% unit and discussions with occupiers environmental rating: BREEAM Pass Property net internal area are ongoing. 13,000m2

the orchard Centre, Didcot Key dates: 2006 acquired The Orchard Centre provides the main retail tenure: Leasehold offer for Didcot, 14 miles south of . Part principal occupiers: Argos, Next, Sainsbury’s open mall, part retail park, it is anchored by number of tenants: 49 a Sainsbury’s food store. The development unexpired lease term to expiry: 16 years agreement for the adjacent site is now in an occupancy rate: 97.8% agreed form. Pre-letting discussions are planning: Open A1 under way with anchor retailers. rents passing: £3.8 million p.a. Ownership average rents passing: £190 per m2 100% environmental rating: None Property net internal area 22,100m2

abbey retail park, Key dates: 2006 acquired The scheme is located approximately three tenure: Freehold miles north of Belfast city centre in an principal occupiers: B&Q, Tesco established retail destination adjacent to the number of tenants: 5 Abbey centre and Marks & Spencer. Planning unexpired lease term to expiry: 19 years consent has been secured for 6,225m2 of occupancy rate: 100% retail and leisure floorspace, comprising part planning: Part open A1, part bulky goods of a larger future development of the park. rents passing: £3.3 million p.a. Ownership average rents passing: £145 per m2 100% environmental rating: None Property net internal area 22,800m2 Hammerson plc annual report 2010 109

Wrekin retail park, Key dates: 1996 development; 2010 acquired In November 2010, Hammerson acquired tenure: Freehold Wrekin Retail Park, west of Telford town principal occupiers: Asda Living, Boots, centre. The park was developed in 1996 and Homebase, Matalan is currently fully let. The scheme comprises number of tenants: 12 nine retail units and adjoins an owner- unexpired lease term to expiry: 10 years occupancy rate: 100% occupied Tesco Extra store. o verview planning: Open A1 Ownership rents passing: £2.6 million p.a. average rents passing: £195 per m2 100% environmental rating: None Property net internal area 13,400m2

parc tawe retail park, Key dates: 2006 acquired Parc Tawe Retail Park is an edge-of-city- tenure: Leasehold bU iesadfnnilrve governance siness and financial review centre scheme in Swansea. The scheme principal occupiers: Mothercare, Odeon, incorporates 5,500m2 of leisure uses, Toys ‘ ’R Us including a cinema. The park benefits from an number of tenants: 14 open A1 planning consent and represents an unexpired lease term to expiry: 2 years attractive redevelopment opportunity. occupancy rate: 96.1% planning: Open A1 Ownership rents passing: £2.1 million p.a. average rents passing: £105 per m2 100% environmental rating: None Property net internal area 22,600m2

Dallow road, Key dates: 2002 acquired, 2006 redeveloped Hammerson completed the construction of a tenure: Freehold 9,000m2 B&Q Warehouse in February 2006. principal occupiers: Aldi, B&Q The scheme also consists of a 1,100m2 Aldi number of tenants: 2 store and 670 car parking spaces. unexpired lease term to expiry: 19 years occupancy rate: 100% planning: Food and bulky goods rents passing: £2.0 million p.a. financial statements Ownership average rents passing: £195 per m2 100% environmental rating: None Property net internal area 10,100m2 P ro Perty P Perty ortfolio 110 ProPerty Portfolio

Brent South Shopping park, JV partner: Standard Life Investments (59%) London NW2 Key dates: 2004 developed Freehold Owned by Hammerson and Standard Life tenure: Arcadia, Next, TK Maxx Investments, Brent South Shopping Park principal occupiers: 9 was completed in November 2004. Located number of tenants: 12 years directly opposite Brent Cross Shopping unexpired lease term to expiry: 100% Centre, the shopping park also provides occupancy rate: Mainly open A1 350 parking spaces. planning: Ownership rents passing: £1.7 million p.a. average rents passing: £560 per m2 41% environmental rating: None Property net internal area 8,500m2

Central retail park, JV partner: TIAA-CREF (75%) Anchored by a Tesco Superstore, retail Key dates: 2002 acquired, 2003 extended tenants include Boots, Next, Argos and tenure: Leasehold Mothercare. The scheme also includes a principal occupiers: Boots, Comet, Homebase, 3,900m2 cinema and a 2,300m2 Mothercare, Next, Tesco Ballantyne’s Health Club, as well as food number of tenants: 28 outlets Pizza Hut, McDonald’s and Frankie & Weighted average unexpired lease term: 15 years Ownership Benny’s. Acquired by Hammerson in 2002, and extended in 2003, Central Retail Park occupancy rate: 97.9% also includes 1,350 parking spaces. planning: Mixed 25% rents passing: £1.4 million p.a. average rents passing: £210 per m2 Property net internal area environmental rating: None 37,100m2 Hammerson plc annual report 2010 111 france retail

in france, we own and manage some of the top shopping centres in the ile-de-france region, including italie 2, and o’Parinor, together with high quality centres in strasbourg and angers. our french shopping centres attract over 70 million visitors each year. o verview

Italie 2, avenue d’Italie, Key dates: 1998 acquired, 2001 refurbished Paris 13ème tenure: Freehold Bricorama , Carrefour Hammerson’s 1998 acquisition of this principal occupiers: Market, Darty, Fnac, Go Sport, La Grande three-level shopping complex was followed Récré, Printemps, Zara by a major refurbishment, completed in 2001. 133 The scheme is the second largest shopping number of tenants: 3 years centre in central Paris and is a key location for unexpired lease term to expiry: occupancy rate: 99.3% fashion and leisure brands. Italie 2 forms part bU Ownership £19.0 million p.a. of a large mixed-use scheme incorporating rents passing: governance siness and financial review 2 £400 per m2 residential towers, offices and a hotel. Studies average rents passing: 56,900m HQE for proposed are ongoing for a mall refurbishment to be environmental rating: extension Property net internal area launched in 2011 and extension plans are 56,900m2 under review.

place des Halles, Strasbourg Minority interest: Assurbail (35.5%) Part of a mixed-use development including Key dates: 1998 acquired, 2002 refurbished four office buildings, two residential buildings tenure: Freehold and two hotels, Place des Halles is the main principal occupiers: C&A, Darty, Galeries, Go shopping destination in Strasbourg, located Sport, Gourmandes, H&M, Mango, New Look, in the city centre. Hammerson extensively Sephora, Surcouf refurbished the two-level shopping centre in number of tenants: 121 2002. The centre provides parking for 2,600 unexpired lease term to expiry: 4 years Ownership cars. A major refurbishment project is occupancy rate: 97.0% 2 planned for the centre. rents passing: £12.4 million p.a. 40,000m average rents passing: £315 per m2 Property net internal area environmental rating: None 41,300m2 financial statements

les 3 Fontaines, Cergy Pontoise Co-ownership: Auchan Opened in 1972, and refurbished in 1996, Key dates: 1995 acquired, 1996 refurbished following Hammerson’s acquisition in 1995, tenure: Freehold Les 3 Fontaines is a three-level enclosed principal occupiers: Auchan, C&A, Darty, H&M, shopping centre. Anchored by Auchan, Mango, New Look principal tenants include H&M and Mango. number of tenants: 83 The centre also benefits from 3,300 car unexpired lease term to expiry: 4 years parking spaces. occupancy rate: 98.8% Ownership rents passing: £11.6 million p.a.

2 P

2 average rents passing: £505 per m ro

22,900m environmental rating: None P Perty Property net internal area 58,900m2 ortfolio 112 ProPerty Portfolio

o’parinor, Aulnay-sous-Bois JV partner: The National Pension Service In September 2008, Hammerson completed a of Korea (51%) 24,000m2 redevelopment and extension of the Co-ownership: Carrefour and Redevco existing Parinor shopping centre. The centre Key dates: 2002 acquired, September 2008 is the largest to the north of Paris totalling completion of major extension and over 90,000m2 and providing an enhanced redevelopment retail offer and improved customer facilities. tenure: Freehold It comprises 210 stores and is anchored by principal occupiers: C&A, Carrefour, Darty, Ownership Fnac, Go Sport, H&M, New Look, Saturn, 2 one of the top 15 Carrefour hypermarkets in 57,200m France. Other principal occupiers include Toys ‘ ’R Us, Zara C&A, Saturn, Toys ‘ ’R Us, Darty, Fnac, number of tenants: 194 Property net internal area Sephora, Zara and H&M. The scheme unexpired lease term to expiry: 6 years 2 includes 5,200 parking spaces. In October occupancy rate: 97.8% 90,600m 2010, Hammerson sold a 51% interest in the rents passing: £10.2 million p.a. 2 scheme to the National Pension Service average rents passing: £365 per m of Korea. environmental rating: None

Villebon 2, Villebon-sur-Yvette Key dates: 2005 acquired, 2007 extension Acquired in July 2005, Villebon 2 is one of the tenure: Freehold largest retail parks in the Paris region and principal occupiers: Animalis, Autobacs, C&A, accommodates 47 retailers, including Darty Darty, Fnac, Gemo, Kiabi, Sport 2000, Toys ‘ ’R U s and Fnac verte. It has 1,200 car parking number of tenants: 47 spaces and forms part of a larger retail unexpired lease term to expiry: 7 years destination including an Auchan hypermarket. occupancy rate: 100% A 5,600m² extension has recently been rents passing: £7.3 million p.a. Ownership 2 completed and let to fashion retailers average rents passing: £150 per m 48,100m2 including C&A and Kiabi. environmental rating: None Property net internal area 48,100m2

Bercy 2, Charenton-le-Pont Co-ownership: Carrefour and Darty In 2000, Hammerson acquired 20,200m2 of Key dates: 2000 acquired the mall units in Bercy 2, representing a 57% tenure: Freehold interest in the co-ownership. Built in 1990 and principal occupiers: Carrefour, Etam, Go Sport, refurbished in 1997, the three-level scheme H&M, La Grande Recré, Virgin designed by Renzo Piano is anchored by number of tenants: 64 Carrefour. The landmark scheme occupies a unexpired lease term to expiry: 4 years high profile site on one of the key exits from occupancy rate: 91.0% Ownership Paris on the boulevard Périphérique, has rents passing: £5.4 million p.a. 2 2 2,300 parking spaces, and is one of the most average rents passing: £345 per m 20,200m important shopping destinations in the environmental rating: None Property net internal area eastern suburbs of the capital. 35,200m2 Hammerson plc annual report 2010 113

54-60 rue du Faubourg Key dates: 2005 acquired, refurbishment 2010 , Paris 8ème tenure: Freehold Saint-Honoré Comme des Garçons Hammerson acquired the buildings at 54-60 principal occupier: 42 rue du Faubourg Saint-Honoré, in Paris’ number of tenants: 8 years prestigious luxury goods quarter, in 2005. unexpired lease term to expiry: 100% Located between rue d’Aguesseau and rue occupancy rate: rents passing: £4.8 million p.a. d’Anjou, the buildings comprise six blocks of o verview £810 per m2 multi-let properties. We started work in 2010 average rents passing: Ownership environmental rating: None 2 on a refurbishment programme to the retail 8,200m element of the scheme which is being Financial information relates to the property post the completed. When complete, the 8,200m2 refurbishment programme. Property net internal area mixed-use property will include 4,900m2 2 of retail space, 600m2 of office space and 8,200m 2,700m2 of residential accommodation. New brands include Burberry, Moschino, Bally, Blumarine, Jenny Packham and Brunello Cucinelli. bU iesadfnnilrve governance siness and financial review espace Saint Quentin, JV partner: Allianz (75%) Saint Quentin-en-Yvelines Co-ownership: Carrefour, McDonalds, Darty, Go Sport Acquired by Hammerson in 1994, Espace 1994 acquired, 2007 reconfiguration Saint Quentin is part of a larger mixed-use Key dates: Freehold development including residential, office tenure: C&A, Carrefour, Go Sport, and hotel accommodation and a food court. principal occupiers: H&M, Sephora Anchored by Carrefour, the centre was 122 extended in 1999 and 2002. The single-level number of tenants: Ownership 4 years retail element has direct access to car unexpired lease term to expiry: 2 98.1% parking providing 2,600 spaces. A 5,800m2 occupancy rate: 27,800m £3.2 million p.a. restructuring programme was completed in rents passing: £490 per m2 Property net internal area 2007. Hammerson sold a 75% interest in the average rents passing: None 58,600m2 scheme to Allianz in 2010. environmental rating:

Grand Maine, Angers Co-ownership: Carrefour Located in the Lac du Maine area at the edge Key dates: 2007 acquired of Angers city centre, Grand Maine is a tenure: Freehold 22,000m2 shopping centre. Carrefour principal occupiers: Camaieu, Carrefour, Celio, Courir, Etam, Etam Lingerie, Go Sport, H&M, anchors the scheme and is also the largest financial statements co-owner. The centre provides free parking Intersport, Le Grand Recré, Naf Naf, Nocibé, for 1,350 cars. Virgin, Yves Rocher number of tenants: 58 Ownership unexpired lease term to expiry: 4 years 2 occupancy rate: 99.1% 9,100m rents passing: £2.7 million p.a. 2 Property net internal area average rents passing: £300 per m 22,000m2 environmental rating: None P ro Perty P Perty ortfolio 114 ProPerty Portfolio

SQY ouest, Key dates: Public opening date March 2005, Saint Quentin-en-Yvelines 2011 acquired Freehold In February 2011 Hammerson acquired SQY tenure: UGC, GoSport, Virgin Ouest in Saint Quentin-en-Yvelines in a 50:50 principal occupiers: Megastore, Zara, Bershka joint venture with Codic France. Developed 45 in 2005, SQY Ouest is a modern retail and number of tenants: 5.1 years leisure scheme located 20km to the south unexpired lease term to expiry: 87% west of Paris and is adjacent to the Espace occupancy rate: Ownership £2.3 million p.a. Saint Quentin shopping centre, also rents passing: 2 £150 per m2 co-owned by Hammerson. The four-level average rents passing: 31,000m None shopping centre comprises 45 retailers environmental rating: Property net internal area including the international brands Bershka, 2 GoSport and Zara and is anchored by one of 31,000m UGC’s most successful multiplex cinemas. Hammerson plc annual report 2010 115 offices

Hammerson is an active developer and manager of london offices, providing high quality accommodation to a range of occupiers in the city and west end. our 157,000m2 portfolio includes landmark buildings such as 99 bishopsgate, 125 old broad street and o verview 60 threadneedle street.

99 Bishopsgate, London EC2 Key dates: 1995 developed Acquired by Hammerson in 1993, and tenure: Leasehold extensively redeveloped in 1995, principal occupiers: Charles River Associates, 99 Bishopsgate provides 26 floors of high Deutsche Bank, Latham & Watkins specification office accommodation totalling number of tenants: 5 31,500m². Principal tenants include Deutsche unexpired lease term to expiry: 3 years Bank and Latham & Watkins. Hammerson occupancy rate: 97.1% rents passing: £13.6 million p.a. bU

carried out a refurbishment of the top five governance siness and financial review Ownership 2 floors, totalling 5,000m², in 2006, and re-let average rents passing: £585 per m 100% the space to Charles River Associates and environmental rating: ISO 14001 existing tenant Latham & Watkins. Property net internal area 31,500m2

60 threadneedle Street, Key dates: 2002 site acquisition; 2009 London EC2 completion Freehold Construction of 60 Threadneedle Street tenure: Talbot Underwriting, was completed in January 2009. The principal occupiers: Universities Superannuation Scheme, provides nine storeys of office The Toronto Dominion Bank accommodation totalling 19,900m2 with 9 flexible floor plates organised around two number of tenants: 14 years atria. Principal tenants include Talbot unexpired lease term to expiry: Ownership 97.5% Underwriting, Universities Superannuation occupancy rate: £8.6 million p.a. Scheme, Berenberg Bank, Close Brothers rents passing: 100% £455 per m2 Corporate Finance, The Toronto Dominion average rents passing: BREEAM Excellent Property net internal area Bank and RWE Supply and Trading. The environmental rating: 2 building forms part of the site previously 19,900m occupied by the . financial statements

1 leadenhall Court, London EC3 Key dates: 2010 acquired Acquired in 2010, the building was tenure: Leasehold constructed in 1988 in a prime City of London principal occupiers: RSA Insurance Group location at the corner of Gracechurch Street number of tenants: 1 and Leadenhall Street, between Bank and unexpired lease term to expiry: 3 years Street stations. The building is fully occupancy rate: 100% let until March 2014 to RSA Insurance Group. rents passing: £7.2 million p.a. average rents passing: £760 per m2 P

Ownership environmental rating: None ro 100% P Perty

Property net internal area ortfolio 10,000m2 116 ProPerty Portfolio

125 old Broad Street, London EC2 JV partners: GE (25%), Bank of Hammerson and its joint venture partners (25%) completed the redevelopment of the 26- Key dates: 2002 site acquisition; July 2008 tower building at 125 Old Broad Street, the completion former London Stock Exchange, in July 2008. tenure: Freehold The development provides 29,800m2 of principal occupiers: DTZ, Gide Loyrette Nouel, Grade-A office accommodation and 1,000m2 King and Spalding, Renaissance RE and of retail and storage space. Principal tenants Landmark Business Centres Ownership include international real estate advisor DTZ, number of tenants: 22 international law firms Gide Loyrette Nouel, unexpired lease term to expiry: 12 years 50% King and Spalding, Renaissance RE and occupancy rate: 92.3% Property net internal area service office providers Landmark Business rents passing: £7.1 million p.a. 2 2 Centres. Retailers include tailor Turnbull & average rents passing: £510 per m 30,800m Asser and French bistro Brasserie Le Relais environmental rating: BREEAM Very Good de Venise l’Entrecôte.

10 Gresham Street, London EC2 JV partner: Canada Pension Plan Investment Hammerson and its joint venture partner Board (70%) Canada Pension Plan Investment Board Key dates: 2010 acquired acquired this property in 2010. The eight floor tenure: Leasehold building designed by Foster+Partners was principal occupiers: Lloyds TSB, Milbank Tweed completed in 2003.The principal occupier is Hadley & McCloy and JC Flowers Lloyds TSB, with the remainder of the building number of tenants: 8 let to seven other tenants including Milbank unexpired lease term to expiry: 10 years Ownership Tweed Hadley & McCloy and JC Flowers. occupancy rate: 99.9% rents passing: £3.2 million p.a. 30% average rents passing: £475 per m2 Property net internal area environmental rating: BREEAM Excellent 23,600m2

Stockley House, Key dates: 2007 acquired Victoria, London SW1 tenure: Freehold , Hays Acquired by Hammerson in 2007, this building principal occupiers: Specialist Recruitment offers an opportunity for redevelopment 5 either as a standalone scheme or as part number of twenants: 4 years of the wider Victoria Station regeneration. unexpired lease term to expiry: 99.8% Principal occupiers include Balfour Beatty occupancy rate: £2.1 million p.a. and Hays Specialist Recruitment. rents passing: Ownership average rents passing: £325 per m2 100% environmental rating: None Property net internal area 6,500m2

10 Grosvenor Street, London W1 JV partner: Grosvenor (50%) Developed in joint venture between Key dates: 2003 developed Hammerson and Grosvenor, this six-storey tenure: Leasehold office building was completed in principal occupiers: Associated British Foods, December 2003. It Hammerson’s Hammerson, LDFM headquarters with Associated British Foods number of tenants: 6 occupying the top two floors of the building unexpired lease term to expiry: 11 years and hedge fund manager LDFM, the third occupancy rate: 100% Ownership floor. The scheme includes 570m2 of retail rents passing: £2.0 million p.a. 2 space on the ground floor. average rents passing: £690 per m 50% environmental rating: BREEAM Excellent in use Property net internal area 6,000m2