Fund Valuations

Capital & Regional plc
09 May 2005

                                                                      9 May 2005

                            CAPITAL & REGIONAL PLC:
               VALUATION OF MALL, JUNCTION AND X-LEISURE FUNDS

Capital & Regional plc, the co-investing property asset manager, today announced
that the unit values of the Mall Limited Partnership, the Junction Limited
Partnership and the X-Leisure Limited Partnership as at 30 April 2005 were as
follows:


               Valuation of   Unit value at    Unit value at  Underlying   Growth in  Units owned          C&R
                 properties        30 April      31 December   valuation  unit value       by C&R   percentage
                                       2005             2004    change %    (geared)                   of fund
                                       
Mall Fund    £2,269,500,000         £1.7936          £1.7604        1.1%       1.9%   170,000,000       26.9%
Junction     £1,111,148,000         £1.8999          £1.8661        1.4%       1.8%    85,000,000       27.3%
Fund
X-Leisure      £622,980,000         £1.1714          £1.1333        1.0%       3.4%    22,846,559       11.1%
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
four months.

The growth in unit value reflects growth in the capital value of the fund over
the four 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]

gcg hudson Sandler
Michael Sandler                               Tel: [phone]


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