For the 12 months to 30 June 2002, MWB's fund managementbusiness created EBITDA of £2.5 million ($4 million). The purchaseprice also covers MWB's equity interests and carried interests inthe three funds, as well as deferred fund management fees. Theacquisition is expected to complete in January 2003.

The limited partners in the three funds include: ClericalMedical, Coal Pension Properties, Credit Suisse Asset Management,Deutsche Bank, Hermes, Norwich Union, Scottish Widows, ShellPensions Trust and United Friendly Trust.

Martin Barber, Capital & Regional's Chief Executive, said:"This is an exciting acquisition as we continue with our growthstrategy as a co-investing asset manager. It adds a third leg toour fund management business and complements our existing Xscapeleisure business led by PY Gerbeau. We have experience in thissector which we believe will enable us toachieve excellent returnsfor the fund investors and for our shareholders."