Fund Valuation

Capital & Regional plc
12 April 2005

                                                                   12 April 2005





                            CAPITAL & REGIONAL PLC:

                         THE X-LEISURE FUND UNIT VALUES


Capital & Regional plc, the co-investing property asset manager, today announced
that the Unit Value of the X-Leisure Fund as at 31 March 2005 was as follows:




                        Valuation of   Unit value at   Unit value at  Underlying   Growth in   Units owned         C&R
                          properties   31 March 2005     31 December   valuation  unit value        by C&R  percentage
                                                                2004    change %    (geared)                   of fund
The X-Leisure Fund      £613,115,000        £1.13102        £1.13328       -0.4%       -0.2%    22,846,559       11.1%







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, in the
three months.



The growth in unit value reflects growth in the capital value of the fund in the
three months.  In addition investors benefit from quarterly distributions of net
income.



The unit value increased by 3.3p during the first quarter before the removal of
stamp duty land tax relief for disadvantaged areas, which has had a negative
impact equivalent to 3.5p per unit.



                                    - 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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