Fund Valuation

Capital & Regional plc
06 July 2004


                                                                     6 July 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 30 June 2004 were as follows:


               Valuation of   Unit value at    Unit value at  Underlying  Growth in   Units owned         C&R
                 properties    30 June 2004 31 December 2003   valuation unit value        by C&R  percentage
                                                                change %   (geared)                   of fund

Mall Fund    £1,585,600,000         £1.5738          £1.4290        5.5%      10.1%   170,000,000       29.9%
Junction       £843,573,500         £1.5546          £1.3674        7.1%      13.7%    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
six months.

The growth in unit value reflects growth in the capital value of the fund over
the six 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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