Disposal

Capital & Regional PLC
23 August 2001

                                                              23rd August 2001

 CAPITAL & REGIONAL SELLS ELDON GARDEN SHOPPING CENTRE, NEWCASTLE FOR £9.24M

Capital & Regional plc, the specialist retail and leisure property company,
today announces that it has completed the sale of its speciality shopping
centre, Eldon Garden in Newcastle upon Tyne to a private property company for
£9.238 million, at a net initial yield of approximately 8%.

The 47,000 sq ft (4,368 sq m) centre was acquired by Capital & Regional in
1994. Current tenants include Austin Reed, The Pier, Wolford, The Pen Shop,
Sony Centre and Richard Sinton Jewellers.

Commenting on the disposal, Ken Ford, Managing Director of Shopping Centres at
Capital & Regional said: 'Since acquisition, the successful addition of
complimentary branded and independent retailers, together with a cafe/
brasserie feature has established Eldon Garden as the quality retail
destination for central Newcastle. Its disposal enables us to focus on our
core shopping centre strategy of owning community malls within an affordable '
value retail' philosophy.'

Capital & Regional was represented by Storey Sons & Parker and the purchaser
by Peter Hassall & Company.

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For further information please contact Capital & Regional on

tel: [phone]:

Xavier Pullen, Deputy Chief Executive

Ken Ford, Managing Director, Shopping Centres

Sarah Carrell, Corporate Communications

Our corporate website is www.capreg.com