Disposal

Capital & Regional plc
19 November 2003



                                                                19 November 2003


                             CAPITAL & REGIONAL PLC
          THE JUNCTION SELLS SHEFFIELD RETAIL PARK FOR £58 MILLION


Capital & Regional plc today announced that The Junction Limited Partnership, in
which it has a 28.4% share, has sold its interest in the 20,500 m sq (221,000 sq
ft) Drakehouse Retail Park to Hammerson plc for £58 million.  The property,
which is the largest retail park in the Sheffield conurbation, adjoins the
Crystal Peaks shopping centre and is situated 7 miles south east of the city
centre.


The park comprises 17 retail units and a drive thru let for over 19 years on FRI
leases and currently produces a rental income of £2.67million per annum.  The
purchase reflects a current net initial yield of 4.4%, however a number of
outstanding rent reviews are expected to lift this to approximately £3.3 million
per annum, reflecting a yield of 5.4%.


Commenting on the transaction, Andy Lewis-Pratt, Chief Executive of The Junction
said, "We are extremely pleased with the price achieved for the sale. Having
recently won consent for a 206,000 sq ft mixed use scheme based around a 175,000
sq ft retail park in Aylesbury, coupled with the excellent progress of our other
ongoing schemes such as Imperial Park Bristol, we are in a prime position to
deliver further enhanced returns to our investors."


The Junction was advised by Montagu Evans, whilst FPD Savills represented the
purchaser.

                                    - ENDS -


For further information:

Capital & Regional:
Martin Barber - Chief Executive   Tel: [phone]



Hudson Sandler:

Andrew Hayes / Wendy Baker        Tel:  [phone]




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