New Limited Partnership

Capital & Regional PLC
27 January 2003



                                                                27 January 2003

                             CAPITAL & REGIONAL PLC



New Limited Partnership Formed To Consolidate The Ownerships And Management Of
Three Retail Parks


A limited partnership called The Junction Thurrock Limited Partnership has been
formed, 65% owned by The Junction Limited Partnership, a fund managed by Capital
& Regional plc and Morley Fund Management, and 35% owned by clients of Aberdeen
Property Investors ("API").  The new partnership has acquired Lakeside Extra for
£44.86m from The Junction Limited Partnership, the Tunnel Retail Park from
clients of API for £21.293m and the West Thurrock Retail Park from AXA Real
Estate Investment Managers on behalf of AXA Sun Life plc for £34.75m.  All of
these parks are adjoining and are in Thurrock, Essex.



This consolidates the ownership of 440,000 sq feet of retail warehouse space and
the objective is to create the dominant destination park in Thurrock with its
excellent profile to the M25.



The strategy is to regenerate the existing buildings to meet the modern
requirements of existing tenants, the introduction of new tenants, the creation
of links between the parks and to brand it The Junction.



Andrew Lewis-Pratt, Chief Executive of The Junction Properties Limited said:



"We are pleased to work in partnership with API to create one of the largest
retail park destinations in the UK and the intention is to completely refurbish
the parks to create a Junction branded scheme."



Chris Darroch, Director of API said:



"We are delighted to link with the Junction on this project and look forward to
what is sure to be a fruitful relationship."



Insignia Richard Ellis and King Sturge acted for API and The Junction and CB
Hillier Parker acted for AXA.





For further information:



The Junction Limited Partnership
Andrew Lewis-Pratt, Chief Executive             Tel:  [phone]



For further information on JLP, please visit: www.thejunctionuk.com



Aberdeen Property Investors
Chris Darroch, Director                         Tel:  [phone]



For further information on API, please visit: www.aberdeenpropertyinvestors.com



Hudson Sandler
Michael Sandler / Wendy Baker                   Tel:  [phone]




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