Fund Valuation

Capital & Regional plc
10 January 2005



                                                                 10 January 2005


                            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 December 2004 were as follows:


               Valuation of   Unit value at     Unit value at   Underlying   Growth in   Units owned          C&R
                 properties     31 December       31 December    valuation  unit value        by C&R   percentage
                                       2004              2003     change %    (geared)                    of fund

Mall Fund    £2,098,750,000         £1.7604           £1.4290        12.0%       23.2%   170,000,000        27.9%
Junction     £1,010,096,500         £1.8661           £1.3674        18.6%       36.5%    85,000,000        27.3%
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
twelve months.



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


gcg hudson sandler
Michael Sandler / James Benjamin               Tel:  [phone]


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