Fund valuation

Capital & Regional plc
09 March 2005

                                                                    9 March 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 28 February 2005 was as follows:

                     Valuation of Unit value at Unit value at   Underlying  Growth in  Units owned          C&R
                       properties   28 February   31 December    valuation unit value       by C&R   percentage
                                           2005          2004     change %   (geared)                   of fund

The X-Leisure Fund   £577,630,000     £1.161337      £1.13328         0.6%       2.5%   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
two months.

The growth in unit value reflects growth in the capital value of the fund in the
two 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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