Appointment

Capital & Regional PLC
18 September 2001

                                                           18th September 2001

               CAPITAL & REGIONAL APPOINTS PIERRE-YVES GERBEAU                
                         AS CHIEF EXECUTIVE OF XSCAPE                         

Capital & Regional plc, the specialist retail and leisure property company
today announces P-Y Gerbeau as Chief Executive of Xscape Ltd.

P-Y Gerbeau was previously Chief Executive of the Millennium Dome.  In his
earlier career, P-Y was Vice President of Park Operations for Euro Disney,
Europe's largest visitor attraction.  Outside commercial life, he holds the
position of Executive-in-Residence at the London Business School.

Xscape is an innovative concept, the first of its kind in Europe, a
destination offering entertainment and sports with lifestyle brands, bars and
cafes and Europe's biggest indoor 'real snow' ski slope.  The first Xscape
opened in Milton Keynes in June 2000.  It is a spectacular building over half
a million square feet and to date has attracted over 4 million visitors, an
average of over 80,000 people a week.

Commenting on this key appointment, Martin Barber, Chief Executive of Capital
& Regional said:

'Last year, Capital & Regional opened an innovative concept, Xscape, combining
urban sports and shopping under one roof.  Realising the formidable value and
expansion potential of combining the two worlds of property development with
leisure, entertainment and entrepreneurial skills, we approached P-Y to help
us build Xscape as an international brand and business.'

P-Y Gerbeau said:

'I immediately recognised the enormous potential of a great brand in Xscape. 
This opportunity allows me to combine all my skills in brand management and
leisure-entertainment businesses and I passionately believe Xscape will be
'The Destination of the Future'.'

                                   - ends -                                   

FOR FURTHER INFORMATION PLEASE CONTACT:

Capital & Regional plc
Martin Barber, Chief Executive                            020 7932 8000
Sarah Carrell, Head of Corporate Communications

Edelman
Stephen Benzikie                                          020 7344 1325


NOTES TO EDITORS:

Xscape

Xscape, Milton Keynes is a 50:50 joint venture between Capital & Regional plc
and two funds managed by PRICOA Property Investment Management Limited.

Further Xscape projects are being pursued in Castleford, Yorkshire on the M62,
adjacent to the Freeport factory outlet centre; Braehead in Glasgow alongside
our joint venture partner, Capital Shopping Centres and a major one million sq
ft Xscape at Castrop-Rauxel in the Ruhr, Germany.

Capital & Regional plc

Capital & Regional is a specialist property company, owning and developing
some of the most exciting and distinctive retail and leisure properties
throughout the UK.  The current portfolio value is £800m of which over 90% is
retail and leisure, totalling seven million sq ft, with 500 stores and over
127 million shoppers per annum.

The Company's retail and leisure portfolio focuses on three areas: shopping
centres, retail parks and Xscape.  The shopping centre portfolio comprises of
eight in-town community value centres ranging from Shopping City in Wood
Green, North London to The Pallasades, above New Street Station in central
Birmingham.  The out-of-town portfolio consists of retail parks in areas such
as Hull, Beckton, Aylesbury, Renfrew and Swansea.