Net Asset Value(s)

ING UK Real Estate Income Trust Ltd
15 October 2007






ING UK Real Estate Income Trust Limited (IRET) - Net Asset Value as at 30
September 2007

15 October 2007


The unaudited Net Asset Value ('NAV') per share of ING UK Real Estate Income
Trust Limited (the 'Company') as at 30 September 2007 was £410.9m, reflecting
approximately 124 pence per share. This NAV figure incorporates the external
portfolio valuation as at 30 September 2007. It includes current year income and
is calculated after the deduction of dividends paid prior to 30 September 2007,
but does not include provision for the next quarterly dividend which is expected
to be paid in November 2007.

The NAV attributable to Ordinary Shares is calculated under International
Financial Reporting Standards ('IFRS') and includes a downwards adjustment in
respect of the marked to market value of the interest rate swaps by £7.6m (2.3p
per share). In addition there has been a £22.2m (6.7p per share) reduction in
the value of the underlying property portfolio over the period, excluding asset
sales.


The unaudited NAV is calculated as follows:

+-----------------------------+-----------------+----------------+-----------------+
|                             |30 September 2007|  30 June 2007  |  31 March 2007  |
|                             |                 |                |                 |
|                             |       £m        |       £m       |       £m        |
+-----------------------------+-----------------+----------------+-----------------+
|Investment properties at     |      687.4      |     715.5      |      711.1      |
|market value                 |                 |                |                 |
|                             |                 |                |                 |
+-----------------------------+-----------------+----------------+-----------------+
|Current assets               |      37.8       |      39.1      |      39.1       |
+-----------------------------+-----------------+----------------+-----------------+
|Current liabilities          |     (18.1)      |     (18.4)     |     (20.3)      |
+-----------------------------+-----------------+----------------+-----------------+
|Borrowings                   |     (307.0)     |    (312.3)     |     (313.5)     |
+-----------------------------+-----------------+----------------+-----------------+
|                             |      400.1      |     423.9      |      416.4      |
+-----------------------------+-----------------+----------------+-----------------+
|Market value of interest rate|      10.8       |      18.4      |      11.6       |
|swaps                        |                 |                |                 |
+-----------------------------+-----------------+----------------+-----------------+
|Net Asset Value              |      410.9      |     442.3      |      428.0      |
+-----------------------------+-----------------+----------------+-----------------+
|Net Asset Value Per Share    |      124p       |      133p      |      129p       |
+-----------------------------+-----------------+----------------+-----------------+



The property portfolio will next be valued by an external valuer during December
2007 and the NAV per share as at 31 December 2007 will be issued in January
2008.



Investment Manager Commentary


•  The Commercial Real Estate Investment market has been affected by the
events in the financial markets over the summer and a re-pricing of risk.
However, occupier demand fundamentals remain robust and will, to some extent,
offset this yield correction.

•  Within the property portfolio there has been outward yield movement
across all sectors, but this has been least pronounced in the office sector in
which the Company has an overweight position relative to IPD.


•  The current sector weightings and capital value movements over the
quarter are:

Sector                  Valuation movement           Weighting
Office                              -1.76%               43.4%
Industrial                          -4.43%               25.8%
Retail                              -3.27%               20.3%
Retail Warehouse                    -4.83%                7.1%
Leisure                             -5.79%                3.4%
Total                                                   100.0%

The value of the portfolio has decreased over the period by 3.13%, excluding
sales.


•  The Company made no acquisitions during the period but, in accordance
with its strategy has continued to dispose of some of its smaller non-core
assets. The disposals comprised an Office/Industrial investment, Riverside
Business Centre, Aberdeen for £2.54m; and an office investment, Wren House,
Chelmsford for £3.85m, realising a total gain of £0.4m over the preceding
valuation.

•  £5.3m of non-securitised debt has been repaid in the period, following
these disposals. Interest on the Company's remaining debt is fixed at a blended
interest rate of 5.16% excluding set up costs. It is expected that proceeds from
further disposals will be used to repay this more expensive debt.



For further information:

All Enquiries

ING Real Estate Investment Management (UK) Limited
Selina Sasse, 020 7767 5756, [e-mail]
Helen Stott, 020 7767 5648 [e-mail]


Financial Dynamics
Dido Laurimore/Stephanie Highett, 020 7831 3113

The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]
Fax: [phone]


END




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