Fund Valuation

Capital & Regional plc
08 November 2004


                                                                 8 November 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 October 2004 were as follows:


               Valuation of   Unit value at  Unit value at  Underlying  Growth in   Units owned         C&R
                 properties       31               31       valuation  unit value    by C&R     percentage
                              October 2004   December 2003   change %   (geared)                   of fund
Mall Fund    £2,036,650,000     £1.6754        £1.4290        9.0%      17.2%       170,000,000     27.9%
Junction       £893,136,500     £1.6948        £1.3674       12.3%      23.9%        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
ten months.



The growth in unit value reflects growth in the capital value of the fund over
the ten 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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