Acquisition

Capital & Regional PLC
10 July 2003



                                                                   10 July 2003



                             CAPITAL & REGIONAL PLC

                        ACQUIRES 30 ACRE SITE IN SWANSEA

                       FOR MAJOR RETAIL PARK DEVELOPMENT



Capital & Regional plc, the specialist co-investing property asset manager, has
unconditionally exchanged contracts to acquire the prominent Morfa site,
comprising approximately 30 acres, from Swansea City Council (SCC) for
approximately £24m.  SCC will use the cash proceeds from the sale to build a
20,000 seat stadium, on adjacent land, to be shared by Swansea Rugby and
Football Clubs.

The transaction with SCC involves a purchase of this site that has a planning
consent for 322,000 sq ft of retail and 30,000 sq ft of leisure.  Construction
of the scheme, comprising 105,000 sq ft of open A1 retail and 135,000 sq ft of
bulky goods space together with a 85,000 sq ft food store, which will commence
later this year.  Completion is due Autumn 2004.

Occupier demand has already been very encouraging with pre-lets of more than
190,000 sq ft obtained including a B&Q store of 102,000 sq ft, with a rent roll
in excess of £2.4m per annum.  The rent roll on completion is estimated to be in
excess of £4.5m per annum.  The food store site has already been pre-sold to
Morrisons.

Development finance for the scheme is being provided by Barclays Bank.

Commenting on the transaction Andrew Lewis-Pratt, Executive Director of Capital
& Regional said:

"We are delighted to have obtained all the consents necessary to enable this
exciting project to commence and we look forward to continuing our successful
relationship with Swansea City Council to create the premier retail park in West
Wales."



                                    - ENDS -



For further information:

Capital & Regional:
Martin Barber, Chief Executive, Capital & Regional           Tel: [phone]
Andrew Lewis-Pratt, Executive Director, Capital & Regional   Tel. [phone]



Hudson Sandler:
Andrew Hayes/Wendy Baker                                      Tel: [phone]


                      This information is provided by RNS
            The company news service from the London Stock Exchange                  EFE