Net Asset Value(s)

ING UK Real Estate Income Trust Ltd
19 July 2006


ING UK Real Estate Income Trust Limited

30 June 2006 Net Asset Value


The unaudited Net Asset Value ('NAV') per share of ING UK Real Estate Income
Trust Limited as at 30 June 2006 was 117 pence. This NAV figure incorporates the
external portfolio valuation as at 30 June 2006. It includes current year income
and is calculated after the deduction of dividends paid prior to 30 June 2006,
but does not include provision for the next quarterly dividend which is expected
to be paid in August 2006.


The Company's NAV of 117 pence per share reflects an uplift of 7.4 pence per
share, or 6.8% over the quarter. The NAV over the 6 months to 30 June 2006 has
increased by 12 pence per share or 11.7%


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 June 2006     31 March 2006
                                                        £m                £m

Investment properties at market value                  553.8             519.8
Current assets                                          17.8              42.8
Current liabilities                                    (19.7)            (27.2)
Borrowings                                            (200.0)           (200.0)
                                                       351.9             335.4
Market value of interest rate swap                       6.2                 -
Net Asset Value                                        358.1             335.4





The property portfolio will next be valued by an external valuer during
September 2006 and the NAV per share as at 30 September 2006 will be issued in
October 2006.









All Enquiries:


The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Ltd
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3Q1

Tel: [phone]
Fax: [phone]


END

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