Acquisition

Capital & Regional plc
17 March 2004


                                                                  17 March 2004


                             CAPITAL & REGIONAL PLC

       THE JUNCTION ACQUIRES GREAT WESTERN RETAIL PARK, GLASGOW FOR £53M



Capital & Regional plc, the co-investing property asset manager, today announces
that The Junction Limited Partnership ("The Junction") has acquired the freehold
interest in The Great Western Retail Park, Drumchapel in Glasgow from The
Hercules Unit Trust ('Hercules') for a price of £53m.


The Great Western Retail Park is situated approximately 7 miles north west of
Glasgow city centre, extends to approximately 178,500 sq ft, and is immediately
adjacent to a Sainsbury's superstore.  Occupiers include approximately 100,000
sq ft B&Q, Currys, ScS, Allied Carpets, Harveys, Comet, Carpetright and JJB
Sports.



The scheme is fully let on 8 leases with terms expiring in 2020 and 2021, at
rents from between £11.25 and £25.00 per sq ft.  These are subject to review in
2005/6.



The purchase price reflects a net initial yield of approximately 5.50%, an
equivalent yield of 6.0% and an anticipated reversionary yield of 6.27%.



Andy Lewis-Pratt, Chief Executive of The Junction, commenting on the purchase,
said:



"Great Western Retail Park is a significant addition to our 3.5 million sq ft
destination retail park portfolio.  The purchase reflects our intention to focus
and enlarge our Junction portfolio with properties which dominate their retail
catchment."



Wilkinson Williams advised The Junction and Montagu Evans represented Hercules.



                                    - ENDS -



For further information:



Capital & Regional plc
Martin Barber, Chief Executive, Capital & Regional           Tel:  [phone]
Andrew Lewis-Pratt, Chief Executive, The Junction            Tel:  [phone]
William Sunnucks, Group Finance Director                     Tel:  [phone]



Hudson Sandler
Andrew Hayes / James Benjamin                                Tel:  [phone]



Notes to Editors:

About Capital & Regional plc

Capital & Regional is the co-investing asset manager which founded the Mall and
Junction Limited Partnerships in conjunction with Morley Fund Management.  Its
shares are quoted on the London Stock Exchange, and in addition to its
management contract with and co-investment in the Mall and Junction funds, it
runs the three X-Leisure funds and has a number of other joint ventures and
developments.  For further information:  www.capreg.com

About The Junction

The Junction is the brand name of The Junction Limited Partnership, established
by Morley Fund Management and Capital & Regional plc to own and operate
destination retail parks throughout the UK.  The Junction has assets of over
£800 million in 16 retail parks and has plans to grow assets to £2 billion in up
to 35 locations, establishing The Junction as the UK's Finest Destination Retail
Park brand.  For further information visit:  www.thejunction-uk.com

About Hercules

Hercules is the UK's largest specialist property unit trust, with a property
portfolio valued at in excess of £2.1 billion and comprising 26 retail parks
(January 2004), including Fosse Park, Leicester, Waterfields Shopping Park,
Watford, Fort Kinnaird Shopping Park, Edinburgh and New Mersey Retail Park in
Speke, Liverpool.  The portfolio totals over 5.4 million sq ft of retail park
space and key tenants include Next, Boots, Arcadia, Argos,
WH Smith, Sports Soccer, MFI, and B&Q.




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