Fund Valuation

Capital & Regional plc
07 September 2004

                                                                7 September 2004



                            CAPITAL & REGIONAL PLC:
                      VALUATION OF MALL AND JUNCTION FUNDS

Capital & Regional plc, the co-investing property asset manager, today announced
that the unit values of the Mall Limited Partnership and the Junction Limited
Partnership as at 31 August 2004 were as follows:

               Valuation of   Unit value at    Unit value at  Underlying  Growth in   Units owned         C&R
                 properties  31 August 2004 31 December 2003   valuation unit value        by C&R  percentage
                                                                change %   (geared)                   of fund
Mall Fund    £1,613,700,000         £1.6228          £1.4290        7.4%      13.6%   170,000,000       27.9%
Junction       £853,668,500         £1.5781          £1.3674        7.9%      15.4%    85,000,000       28.4%
Fund

Notes:

The underlying valuation change shows the increase in the value of the portfolio
as a percentage of opening value adjusted for additions and disposals, over the
eight months.

The growth in unit value reflects growth in the capital value of the fund over
the eight months.  In addition investors benefit from quarterly distributions of
net income.

                                    - ENDS -

For further information:

Capital & Regional:
Martin Barber, Chief Executive             Tel. [phone]
William Sunnucks, Group Finance Director   Tel. [phone]

Hudson Sandler
Michael Sandler / James Benjamin           Tel:  [phone]


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