Disposal

Capital & Regional PLC
13 February 2001

                                                                              
                                                                              
              CAPITAL & REGIONAL SELLS ST ANDREW HOUSE, GLASGOW               
                         TO SCOTTISH MUTUAL FOR £20M                          

Capital & Regional plc, the specialist retail and leisure property investment
company, today announces that it has completed the sale of St Andrew House in
Glasgow to Scottish Mutual Assurance plc for £20 million cash, representing a
net initial yield of 7.45%.

The property comprises of approximately 100,000 sq ft of mixed use retail and
office on prime Sauchiehall Street.

Commenting on the sale, Martin Barber, Chief Executive of Capital & Regional
said:

'We are pleased to have sold St Andrew House which has been a good investment.
 The disposal enables us to concentrate our resources further on the core
strategic areas of larger, dominant in-town centres, retail parks and Xscape,
where we believe Capital & Regional can add value through its management
approach.'

Capital & Regional was represented by Montagu Evans and Scottish Mutual
Assurance by Jones Lang LaSalle.  


For further information please contact:

Xavier Pullen, Deputy Chief Executive, Capital & Regional
0207 932 8000
Lynda Coral, Financial Director, Capital & Regional
0207 932 8000
Sarah Carrell, Corporate Communications, Capital & Regional
0207 932 8000