Capital&RegionalProp - Acquisition

RNS No 3215q
CAPITAL AND REGIONAL PROPERTIES PLC
30 September 1999


CAPITAL AND REGIONAL ACQUIRES THE ASHLEY CENTRE, EPSOM 
FROM STANDARD LIFE FOR #73M                                     

Capital and Regional Properties plc, the specialist retail and leisure
property investment company, today announces that it has exchanged contracts
for the purchase of The Ashley Centre, Epsom from Standard Life for #73
million, reflecting an initial yield of 7.3%.  The acquisition is being
financed partly by debt with a loan of #57 million from Halifax plc and the
balance by cash.

The Ashley Centre represents 350,000 sq ft (32,528 sq m) and includes
approximately 70,000 sq ft (6,505 sq m) of office space, including Fina House.
It also benefits from an 800 space multi-storey car park adjacent to the
Centre, which is currently operated by the Council. 

Anchor tenants include Dickens & Jones, Marks and Spencer and Waitrose with
fashion retailers such as Next and Hennes.  Current gross passing rent is #5.7
million, with 81% of the income generated from retail accommodation which is
almost fully let.

Epsom is located within the M25 and benefits from excellent transport links. 
The Ashley Centre dominates the retail heirachy and the town has a population
of approximately 63,000 with a catchment of 275,000.

Blair Kirkman and DTZ Debenham Thorpe acted for Capital and Regional
Properties and Standard Life was represented by CB Hillier Parker.

Commenting on the acquisition, Ken Ford, Executive Director of Capital and
Regional Properties said: 

"We are delighted to add The Ashley Centre to our growing portfolio.  This
acquisition is in line with our strategy of investing in covered in-town
shopping centres which are dominant within their catchment areas.  Epsom
enjoys excellent demographics and The Ashley Centre will benefit from our
unique management approach of increasing returns through reconfiguration and
improvement of the tenant mix to satisfy retailer and consumer demand.  The
Centre will also benefit from our innovative approach to branding and
substantial marketing and promotional campaigns."

For further information please contact:
Martin Barber, Chairman, Capital and Regional           0171 730 5565
Ken Ford, Executive Director, Capital and Regional      0141 353 3306
Sarah Carrell, Corporate Communications                 0171 730 5565

END

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