Appointment of Developer

Capital & Regional plc
24 May 2004

                                                                     24 May 2004

                           CAPITAL & REGIONAL PLC:
            CAPTIAL & REGIONAL TO DEVELOP RETAIL PARK IN CARDIFF

Capital & Regional plc, the co-investing property asset manager, today announces
that it has been appointed as developer for the retail park to be constructed as
part of the new Football Stadium for Cardiff City Football Club.

The 32-acre site is being acquired by Capital & Regional and has planning
consent for 300,000 sq ft (27,868 sq m) of retail warehousing as well as 100,000
sq ft (9,289 sq m) for a food store/supermarket.

Cardiff City Council granted the consent as part of the redevelopment proposals
for the football stadium, which will also include an athletics stadium and
residential properties which will include community housing.  Work on the retail
development is due to start on site in autumn this year with completion
anticipated by Autumn 2005.

Andrew Lewis-Pratt, main board director of Capital & Regional and CEO of The
Junction, said "This new acquisition, together with our Swansea Retail Park,
brings our retail holding in Wales to over three quarters of a million square
feet, so this is another important project for us" he went on "we are also not
strangers to developing retail parks alongside new football stadiums and
therefore have a great deal of relevant experience".

David Temme, Managing Director of Cardiff City Football Club, commented" we are
delighted that Capital & Regional is joining us on this project.  This marks the
next step in realising the development.  Securing a well respected developer
like Capital & Regional to our Leckwith project is of massive benefit to
everyone".

Cushman & Wakefield Healey & Baker are letting agents for the development.


                                    - 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]

Redwood Consulting
Kate Hewson/Lucy Close                                        Tel: [phone]


Notes 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.  It 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 now runs the X-Leisure Fund 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 used by 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.

For further information visit:  www.thejunction-uk.com


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