Fund Valuations

Capital & Regional plc
09 September 2005


                                                               9 September 2005



                            CAPITAL & REGIONAL PLC:
               VALUATION OF MALL, JUNCTION AND X-LEISURE FUNDS



Capital & Regional plc, the co-investing property asset manager, today announced
that the unit values of the Mall Limited Partnership, the Junction Limited
Partnership and the X-Leisure Limited Partnership as at 31 August 2005 were as
follows:


               Valuation of   Unit value at    Unit value at  Underlying  Growth in   Units owned         C&R
                 properties       31 August 31 December 2004   valuation unit value        by C&R  percentage
                                                                change %   (geared)                   of fund
                                       2005
Mall Fund    £2,347,728,500        £1.8702*          £1.7604        4.0%       6.2%   170,000,000       26.1%
Junction     £1,290,503,000       £2.0415**          £1.8661        5.9%       9.4%    85,000,000       27.3%
Fund
X-Leisure      £663,245,000         £1.2508          £1.1333        3.6%      10.4%    22,846,559       10.7%
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
eight months.

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

*During the month of August investors in the Mall benefited from an extra
quarterly distribution of 1.37p per unit.

**During the month of August investors in the Junction benefited from an extra
quarterly distribution of 1.19p per unit.



                                    - 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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