Disposal

Capital & Regional PLC
25 September 2002


                                                              25 September 2002.


                      CAPITAL & REGIONAL PLC AND STANNIFER

                      SALE OF SAUCHIEHALL CENTRE, GLASGOW

Capital & Regional and Stannifer, its joint venture partner, have completed
contracts on the sale of the Sauchiehall Centre, Glasgow to iii Fonds, the
German investment Fund for a consideration of £46.25 million.

The Sauchiehall Centre was acquired by Capital & Regional as part of a portfolio
in 1997. Capital & Regional successfully secured the necessary planning consents
and prelets to re-orientate the traditional shopping centre to prime Sauchiehall
street retail units. Stannifer purchased a 50% interest in the scheme in 2001
and provided project management services to the joint venture for the
redevelopment.

The changes created additional floorspace, allowing for larger units, which
attracted major new occupier Primark to a 66,000sq ft store, as well as
retaining original tenants TK Maxx, WH Smith, Superdrug & JJB in reconfigured
units. A Healthlands gym was established in former nightclub space. The centre
comprises 206,000 sq.ft. of total space and total rental income of nearly £3
milllion a year.

Montagu Evans (Glasgow) advised Capital & Regional / Stannifer and Cushman &
Wakefield Healey & Baker (Glasgow) advised the purchaser.

Capital & Regional Director Ken Ford said: "Our success in transforming the
Sauchiehall Centre into prime retail space is another example of our active
development and management approach creating value by satisfying retailers
spacial requirements. We worked well with the Stannifer team, enjoyed the
experience and the profitable outcome.




Stannifer Director Campbell Whyte commented: "This sale demonstrates a sound
commercial awareness of the Glasgow retail market and this is reflected in the
sale price achieved. We worked closely with Capital & Regional to ensure that
the scheme worked as efficiently and effectively as possible and that we
consequently secured the best value for all."


For further information contact:


Capital & Regional PLC

Ken Ford, Capital & Regional plc - 020 7932 8000

Wendy Baker, Hudson Sandler -020 7796 4133

Stannifer

Mark Simmons, Halogen - 020 7487 9191


                      This information is provided by RNS
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