Net Asset Value(s)

ING UK Real Estate Income Trust Ltd
16 October 2006


ING UK Real Estate Income Trust Limited

30 September 2006 Net Asset Value


The unaudited Net Asset Value ('NAV') per share of ING UK Real Estate Income
Trust Limited as at 30 September 2006 was 123 pence. This NAV figure
incorporates the external portfolio valuation as at 30 September 2006. It
includes current year income and is calculated after the deduction of dividends
paid prior to 30 September 2006, but does not include provision for the next
quarterly dividend which is expected to be paid in November 2006.

The Company's NAV of 123 pence per share reflects an uplift of 6 pence per
share, or 4.85% over the quarter. The NAV over the 9 months to 30 September 2006
has increased by 18 pence per share or 17%.

The NAV attributable to Ordinary Shares is calculated under International
Financial Reporting Standards ('IFRS') and includes an adjustment in respect of
the marked to market value of the interest rate swap.

The unaudited NAV is calculated as follows:

                         30 September 2006   30 June 2006     31 March 2006
                                        £m               £m                 £m
Investment properties at
market value                         586.3            553.8              519.8
Current assets                        30.9             17.8               42.8
Current liabilities                  (21.9)           (19.7)             (27.2)
Borrowings                          (225.0)          (200.0)            (200.0)
                                     370.3            351.9              335.4
Market value of interest
rate swap                              5.1              6.2                  -
Net Asset Value                      375.4            358.1              335.4


Since the Company flotation, nearly 12 months ago, the share price has risen by
circa 23%. The Company has continued to make good progress in the three months
to 30 September 2006, recording a 4.85% rise in NAV to GBP 375.4 million (or 123
pence per share). The manager continues to actively manage the portfolio to
unlock the latent value, evaluating both acquisitions that meet the income
return objectives and selective disposals where capital can be effectively
recycled into assets offering more upside potential.

The property portfolio is weighted to the office sector in the South East which
the manager believes will outperform the market over the next two years.
Accordingly the Company is well placed to gain from the growth in this sector.

As reported to shareholders on 9 October, the disposal of the Scorpio Inns
Portfolio has been completed since the period under review at a price ahead of
its 30 September 2006 valuation, this uplift is not included in this NAV.

The property portfolio will next be valued by an external valuer during December
2006 and the NAV per share as at 31 December 2006 will be issued in January
2007.


All Enquiries:

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

Tel: [phone]
Fax: [phone]

END



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