Valuation of Funds

Capital & Regional PLC
06 August 2003


                                                                   6 August 2003


                            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 (launched 28 February 2002)
and the Junction Limited Partnership (launched 1 January 2002) as at 31 July
2003 were as follows:




                                 Unit value at     Unit value at   Growth in unit   Units owned by         C&R
                   Size of fund   31 July 2003 31  December 2002   value (geared)            C&R     percentage
                                                                                                        of fund
Mall Fund          £986,550,000        £1.2502          £1.1576           8.0%     170,000,000            45.8%
Junction Fund      £762,125,000        £1.2317          £1.1245           9.5%      80,500,000            27.7%


Notes:

The growth in unit value reflects growth in the capital value of the fund over
the 7 month period.  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]



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


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