Acquisition

Capital & Regional plc
29 October 2004


                                                                 29 October 2004


                           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 £4,215,540 in nominal value of its
Convertible Unsecured Loan Stock (CULS) for a total cost of £12,432,550.  This
amount was acquired in four tranches over the period since 23rd September 2004,
and represents 17.1% of the CULS outstanding as at 31st December 2003.

For further information:

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

Michael Sandler/James Benjamin, Hudson Sandler             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.  It founded the Mall and Junction Limited Partnerships in conjunction
with Morley Fund Management.  Its shares are quoted on the London Stock
Exchange, and in addition to its management contract with and co-investment in
the Mall and Junction funds, it now runs the X-Leisure Fund and has a number of
other joint ventures and developments.

For further information see www.capreg.com


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