Funds Valuation

Capital & Regional plc
09 February 2005



                                                                 9 February 2005

                            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 31 January 2005 were as follows:


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

Mall Fund    £2,114,900,000         £1.7852          £1.7604        0.7%       1.4%   170,000,000       27.9%

Junction     £1,015,113,500         £1.8723          £1.8661        0.2%       0.3%    85,000,000       27.3%
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
month.


The growth in unit value reflects growth in the capital value of the fund over
the month.  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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