New Investor

Capital & Regional plc
12 September 2006




                                                               12 September 2006


                              CAPITAL & REGIONAL PLC:

THE MALL FUND SECURES NATIONAL PENSIONS RESERVE FUND OF IRELAND AS NEW INVESTOR


Capital & Regional plc, the co-investing property asset manager, today announces
that a significant new investor, The National Pensions Reserve Fund (NPRF) of
Ireland, is investing £30m (€44m) into the Mall Fund by purchasing units
currently held by the Capital & Regional group.

Philip Nell, Fund Manager of The Mall Fund at Morley Fund Management said:  "We
are delighted to welcome this significant investment, adding to the increasing
investor base of the Fund.  This follows significant investments from Dutch
investors ABP, and Danish investor Sparinvest earlier this year.  The Fund now
has a wide investor base of 45 institutional investors".

Martin Barber, Chief Executive of Capital & Regional said:  "We are pleased to
see a new investor in the Mall Fund.  We remain the largest single investor in
the fund, holding 24.2% of the total.  Since its inception we have seen total
returns of more than 27.3% per annum and we are confident that we will continue
our out performance".

Ian Gleeson, The NPRF's Head of Property, said:  "This is our third UK
investment and provides us with immediate exposure to the retail sector with a
best in class management team and platform".


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.

Capital & Regional founded the Mall and Junction Funds in conjunction with
Morley Fund Management.  It also founded the X-Leisure fund with Hermes
Investment Management Limited, and has a number of other joint ventures and
developments.  Its shares are quoted on the London Stock Exchange.

For further information see www.capreg.com


Morley Fund Management

Firms within the Morley group of companies manage £157bn from offices around the
world as at 30 June 2006.  The property team manages in excess of £23bn of UK
and European property assets, making Morley the largest property fund manager in
Europe.

Awards 2006
     
•    2006, Property Fund Manager of the Year, Pensions Management Awards
•    2006, Property Fund Manager of the Year, Property Week Awards
•    2006, Outstanding Company of the Year Award, CEE Real Estate Quality Awards
•    2006, Investor of the Year Award, CEE Real Estate Quality Awards

The property team consists of 70 investment professionals and manages a range of
funds on behalf of institutional, pension and retail clients.

For further information, visit:  www.morleyproperty.com


About The Mall

The Mall is the leading owner and operator of community shopping centres in the
UK.  The Mall has assets of £3.025 billion in 23 shopping centres and has plans
to grow assets to 30 centres, establishing The Mall as the UK's community
shopping centre brand.  The Mall Fund is a specialist property fund managed by
Capital & Regional and Morley Fund Management.

For further information, visit:  www.themall.co.uk


                                    - ENDS -


For further information:

Capital & Regional:
William Sunnucks, Group Finance Director                     Tel:  [phone]

Hudson Sandler
Michael Sandler                                              Tel:  [phone]




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