Fund Valuation

Capital & Regional plc
09 September 2004


                                                               9 September 2004

                            CAPITAL & REGIONAL PLC:

                       THE X-LEISURE FUND UNIT VALUES


Capital & Regional plc, the co-investing property asset manager, today announced
that the Unit Value of the X-Leisure Fund as at 31 August 2004 was as follows:

                     Valuation of Unit value at     Pro forma   Underlying  Growth in  Units owned          C&R
                       properties     31 August unit value at    valuation unit value       by C&R   percentage
                                           2004   31 December     change %   (geared)                   of fund
                                                         2003
The X-Leisure Fund   £530,340,000      £1.05833      £1.00789         1.8%       5.0%   19,611,856        10.8%


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]


                      This information is provided by RNS
            The company news service from the London Stock Exchange