Fund Valuation

Capital & Regional plc
06 August 2004

                                                                   6 August 2004


                            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 and the Junction Limited
Partnership as at 31 July 2004 were as follows:

               Valuation of   Unit value at     Unit value at  Underlying  Growth in   Units owned         C&R
                 properties    31 July 2004  31 December 2003   valuation unit value        by C&R  percentage
                                                                 change %   (geared)                   of fund
Mall Fund    £1,601,000,000         £1.6034           £1.4290        6.6%      12.2%   170,000,000       28.1%
Junction       £848,066,500         £1.5612           £1.3674        7.4%      14.2%    85,000,000       28.4%
Fund

In July The Mall Fund attracted 15 new investors, including clients of Scottish
Widows and ING Real Estate Investment Management, bringing a total of over £55m
into the Fund.  The new investors paid a 5% premium above the latest published
unit price for their units.  The fund now has 24 investors.  As the fund has
grown Capital & Regional's share has been diluted from 34.77% at the beginning
of the year to 28.1%.

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
seven months.

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

Hudson Sandler
Michael Sandler / James Benjamin                   Tel:  [phone]


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