Valuation of Funds

Capital & Regional PLC
07 October 2003




                                                                  7 October 2003


                            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 (launched 28 February 2002)
and the Junction Limited Partnership (launched 1 January 2002) as at 30
September 2003 were as follows:


                              Unit value at    Unit value at  Underlying  Growth in   Units owned         C&R
               Size of fund    30 September 31 December 2002   valuation unit value        by C&R  percentage
                                       2003                     change %   (geared)                   of fund
Mall Fund    £1,125,228,000         £1.3021          £1.1576        6.1%      12.5%   170,000,000       36.7%
Junction       £757,984,500         £1.2905          £1.1245        7.7%      14.8%    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
9 month period.



The growth in unit value reflects growth in the capital value of the fund over
the 9 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
Michael Sandler / Wendy Baker                  Tel:  [phone]


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