Acquisition

Capital & Regional plc
07 February 2005


                                                                 7 February 2005

                            CAPITAL & REGIONAL PLC:

                 THE MALL ACQUIRES MAIN SQUARE, CAMBERLEY

                         22 MALLS NOW UNDER OWNERSHIP


Capital & Regional plc, the co-investing property asset manager, today announces
that The Mall has acquired Main Square Shopping Centre in Camberley, Surrey,
from Prudential-owned Scottish Amicable Life Assurance Society, for in excess of
£130 million.  Scottish Amicable is also making a further investment in The Mall
Fund as part of this transaction.

The Mall's £2.25 billion portfolio will now comprise 22 Malls providing a total
of more than 7.35 million sq ft of retail floor space.  More than 4.76 million
shoppers will be welcomed through its doors every week.

Main Square in Camberley comprises 33,444 sq m (360,000 sq ft) on one level and
has over 100 stores including House of Fraser's Army & Navy Department Store,
Boots, Next, Virgin, Sainsburys and Monsoon and over 1,000 car parking spaces.

Ken Ford, Chief Executive of The Mall comments "We are delighted to acquire Main
Square, Camberley, in an off market deal.  It complements our growing portfolio
and brand of community shopping centres across the UK".


Note to Editors:

About Capital & Regional plc

Capital & Regional is the co-investing asset manager which specialises in town
centre shopping centres, out of town retail parks, and urban entertainment
complexes.

Capital & Regional founded the Mall and Junction Funds in conjunction with
Morley Fund Management.  It also founded the X-Leisure fund with Hermes
Investment Management Limited, and has a number of other joint ventures and
developments.  Its shares are quoted on the London Stock Exchange.

For further information see www.capreg.com

About The Mall

The Mall is the leading owner and operator of community shopping centres in the
UK.  Following the Camberley acquisition The Mall now has assets of over £2.25
billion in 22 shopping centres and has plans to grow assets to 30 centres,
establishing The Mall as the UK's community shopping centre brand.  Capital &
Regional and Morley Fund Management set up The Mall Fund in 2002.

For further information visit: www.themall.co.uk

About Morley Fund Management

Morley Fund Management ('Morley') is a London based, asset management business
with over £128 billion* under management. The property team manages in excess of
£15.4 billion of UK Property assets, making Morley one of the largest property
fund managers in the UK. Winners of the high profile Property Week Fund Manager
of the Year Award 2004, the team consists of 60 investment professionals and
manages a range of funds on behalf of institutional, pension and retail clients.
Morley has been at the forefront of innovation in property fund management and
has launched eleven specialist sector based funds with partners, including the
Jersey-based Unit Trusts: Ashtenne Industrial Fund, Quercus Healthcare Property,
The Junction and The Mall.

www.morleyproperty.com

* Not including mortgage assets

                                    - ENDS -

For further information:

Capital & Regional:
Martin Barber, Chief Executive                              Tel. [phone]
William Sunnucks, Group Finance Director                    Tel. [phone]

gcg hudson sandler
Michael Sandler / James Benjamin                            Tel:  [phone]
Redwood Consulting:

Liz D'Oliveira / Paul Haines                                Tel: [phone]


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