Disposal of Retail Park

Capital & Regional PLC
4 December 2001





                                                               4 December 2001



        CAPITAL & REGIONAL PLC SELLS LANCASTER CITY RETAIL PARK TO
        ROYAL & SUNALLIANCE PROPERTY INVESTMENTS FOR £16.8 MILLION



Capital & Regional plc, the specialist retail and leisure property company,
today announces that it has completed the sale of its Lancaster City Retail
Park for a consideration of £16.8 million to Royal & SunAlliance Property
Investments.



The 117,500 sq ft of retail space is situated on Mellishaw Lane, Lancaster and
consists of seven retails units occupied by the leading retailers Matalan, JJB
Sports, Wickes, MFI, Carpetright and Harveys.



Commenting on the acquisition, Philip Owen, Assistant Fund Manager at Royal &
SunAlliance Property Investments: ' We are very pleased with this purchase.
The site benefits from excellent transport links and is the dominant retail
park for a substantial catchment area covering Lancaster, Morecombe and
Heysham.  There is plenty of opportunity for active management.'



Andrew Lewis-Pratt, Managing Director of Retail Parks, Capital & Regional
said:  'This disposal will allow us to focus on our core strategy of creating
'destination' retail parks in excess of 120,000 sq. ft.'



Capital & Regional was represented by King Sturge and FPD Savills acted for
Royal & SunAlliance Property Investments.



Enquiries:



Andrew Lewis-Pratt, Capital & Regional
Telephone: [phone]


Andrew Hayes / Wendy Baker, Hudson Sandler
Telephone: [phone]  / Email: [e-mail]  /
[e-mail]


Nick Mattison or Charlotte Mather, Mattison Public Relations
Tel: [phone] / Email: [e-mail]


Philip Owen, Royal & SunAlliance Property Investments
Tel: [phone] / Email: [e-mail]