Valuation of Funds

Capital & Regional PLC
04 July 2003

                                                                     4 July 2003





                            CAPITAL & REGIONAL PLC:
                      VALUATION OF MALL AND JUNCTION FUNDS


Capital & Regional plc, the co-investing property asset manager, today announced
that the Mall Limited Partnership (launched 28 February 2002) and the Junction
Limited Partnership (launched 1 January 2002) will be publishing monthly unit
values.  The unit values on 30 June 2003 were as follows:




                                        Unit value at  Unit value at 31    Growth in unit    Units owned by 
                       Size of fund      30 June 2003     December 2002             value               C&R

Mall Fund              £978,350,000           £1.2468           £1.1576              7.7%       170,000,000
Junction Fund          £748,869,000           £1.2189           £1.1245              8.4%        80,500,000





The growth in unit value reflects growth in the capital value of the fund over
the 6 month period.  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
Andrew Hayes / Wendy Baker                                   Tel:  [phone]


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