Transaction in Own Shares

Capital & Regional plc
12 January 2005

                                                                 12 January 2005


                           CAPITAL & REGIONAL PLC:

        ACQUISITION OF CONVERTIBLE UNSECURED LOAN STOCK FOR CANCELLATION

Capital & Regional plc, the co-investing property asset manager, today announces
that it has purchased for cancellation a further £685,000 in nominal value of
its Convertible Unsecured Loan Stock (CULS) for a total cost of £2,491,524.


                                    - 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]


Notes to Editors

About Capital & Regional plc

Capital & Regional is the co-investing asset manager which specialises in town
centre shopping centres, out of town retail parks, and urban entertainment
complexes.

Capital & Regional founded the Mall and Junction Funds in conjunction with
Morley Fund Management.  It also founded the X-Leisure fund with Hermes
Investment Management Limited, and has a number of other joint ventures and
developments.  Its shares are quoted on the London Stock Exchange.

In 1996 the company issued Convertible Unsecured Loan Stock with a nominal value
of £26,054,057.   £1,412,070 was converted in 1997.  Buybacks for cancellation
have now reduced the total outstanding to 48% of the original amount issued.

For further information see www.capreg.com


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