Hull Retail and Leisure Park Acquired for £24m

Capital & Regional Properties PLC
21 December 1999


CAPITAL  AND  REGIONAL  ACQUIRES ST  ANDREW'S  QUAY  RETAIL  AND
LEISURE PARK, HULL FOR £24M

Capital  and Regional Properties plc, the specialist retail  and
leisure  property company, today announces that it has completed
the  purchase of St Andrew's Quay Retail and Leisure Park,  Hull
from  Associated British Ports Holdings PLC (ABP) and  Grosvenor
Waterside  Group PLC for £24 million. The acquisition  is  being
financed  partly  by  debt from Barclays Bank  through  existing
facility arrangements and the balance by cash.

The 75 acre site is prominently located half a mile to the west
of  Hull  City Centre.  It has a 1.25 mile frontage to  the  A63
linking directly to the M62.

The existing retail element comprises some 200,000 sq ft and  is
let   to   Focus  DIY,  Halfords,  Shoe  City,  Comet,   Dixons,
Carpetworld and Miller Bros.  This also includes a Makro  store,
fast food outlet, petrol station and a family pub, which are all
let  on  long  ground  leases.   The  existing  leisure  element
comprises 78,600 sq ft, which is let to UCI Cinema, a Garfunkels
Restaurant  and  an Allied Leisure Bowl.  Upon acquisition,  the
passing rental income is £1.23 million per annum.

The  undeveloped  land  comprises 38.7  acres.   5.9  acres  has
planning  consent for 75,000 sq ft additional retail  space  and
15.3  acres  has  consent for 150,000 sq  ft  of  leisure.   The
remaining 17.5 acres has consent for employment use.

Construction of the 75,000 sq ft retail space will  commence  in
January  2000  and  an  Agreement for  Lease  has  already  been
exchanged with DFS for a new 20,000 sq ft unit, at a rent of £12
per sq ft.  This is compared to an average passing rent of £6.80
per sq ft.

Commenting  on  the  acquisition, Andrew Lewis-Pratt,  Executive
Director of Capital and Regional said:

'This  75 acre project for both retail and leisure represents  a
rare  opportunity  to  create a premier  retail  park.   We  are
delighted  to  add this to our portfolio and it offers  enormous
potential   to  add  value  through  our  energetic   management
approach.'

Capital  and Regional was represented by Harvey Spack Field  and
ABP and Grosvenor Waterside by Healey & Baker.

For further information please contact:
Andrew Lewis-Pratt, Executive Director - 020 7932 8000
Sarah Carrell, Corporate Communications - 020 7932 8000
Capital and Regional Properties plc