Fund Valuations

Capital & Regional plc
11 April 2005

                                                                   11 April 2005

                            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 March 2005 were as follows:

               Valuation of   Unit value at    Unit value at  Underlying  Growth in   Units owned         C&R
                 properties        31 March      31 December   valuation unit value        by C&R  percentage
                                       2005             2004    change %   (geared)                   of fund
                                       
Mall Fund    £2,236,400,000         £1.7600          £1.7604        0.0%       0.0%   170,000,000       26.9%
Junction     £1,022,792,500         £1.8606          £1.8661        0.2%       0.0%    85,000,000       27.3%
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
three months.

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

There has been no significant reduction in the unit price from the 31 December
2004 figures despite the removal of stamp duty land tax relief for disadvantaged
areas in the month, which has reduced the Mall unit price by 5.6 pence and
reduced the Junction unit price by 6.5 pence.


                                    - ENDS -


For further information:

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

gcg hudson Sandler
Michael Sandler / James Benjamin                              Tel: [phone]



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