Funds Valuation

Capital & Regional plc
09 December 2005

                                                                 9 December 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 30 November 2005 were as
follows:

               Valuation of   Unit value at    Unit value at  Underlying  Growth in   Units owned         C&R
                 properties     30 November 31 December 2004   valuation unit value        by C&R  percentage
                                       2005                     change %   (geared)                   of fund
                                       
Mall Fund    £2,272,488,548         £1.9508          £1.7604        6.9%      10.8%   170,000,000       26.1%
Junction     £1,381,212,735         £2.2551          £1.8661       12.0%      20.8%    85,000,000       27.3%
Fund
X-Leisure      £691,250,000         £1.3596          £1.1333        7.5%      20.0%    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
eleven months.

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


                                    - 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]


                      This information is provided by RNS
            The company news service from the London Stock Exchange     
MSCFSAFWASISEDE