Results of Placing

ING UK Real Estate Income Trust Ltd
08 November 2006


        THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION
          IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN


                             FOR IMMEDIATE RELEASE


      ING UK Real Estate Income Trust Limited announces results of Placing


(London, 8 November 2006)

This announcement appears as a matter of record only.


Results of the Placing

Further to this morning's announcement, the bookbuilding process in connection
with the placing of shares (the 'Placing') by JPMorgan Cazenove Limited
('JPMorgan Cazenove') on behalf of ING UK Real Estate Income Trust Limited (the
'Company') has now closed.

The Company has raised equity of £32.2 million (before expenses) by the Placing
of 26.5 million shares (the 'Placing Shares'). This is equivalent to 8.0 per
cent. of the issued share capital of the Company after the Placing. The Placing
price was 121.5 pence per share.

Given the strong level of investor demand ING REI Investment (UK) B.V. has not
subscribed for any Placing Shares. Following the Placing, ING Group's aggregate
interest remains at 61,000,000 shares, representing 18.4 per cent. of the
Company's equity capital.

Applications will be made to the Financial Services Authority and to the London
Stock Exchange for the Placing Shares to be admitted to the Official List and to
trading on the London Stock Exchange. Admission and settlement are expected to
occur and dealings to commence in the Placing Shares on 14 November 2006. The
Placing Shares will rank pari passu in all respects with the existing ordinary s
hares save for the dividend for the period to 30 September 2006 announced on 2
November and due to be paid on 30 November 2006.



ING Corporate Finance is acting as joint financial adviser and JP Morgan
Cazenove is acting as joint financial adviser, broker, book runner and sponsor
in relation to the Purchase and the Placing.


For further information please visit the web site at www.ingreit.co.uk, or
contact:

ING Real Estate Investment Management (UK)                [phone]
Elliot Caldwell
Michael Morris

ING Corporate Finance                                     [phone]
Nicholas Gold
William Marle

JP Morgan Cazenove                                        [phone]
Richard Cotton
Angus Gordon Lennox

Financial Dynamics                                        [phone]
Stephanie Highett
Dido Laurimore


This announcement is not for distribution directly or indirectly in or into the
United States, Canada, Australia or Japan. This announcement does not constitute
an offer to sell or issue or the solicitation of an offer to buy or acquire
shares in the capital of ING UK Real Estate Income Trust Limited in the United
States, Canada, Australia or Japan or any jurisdiction in which such an offer or
solicitation is unlawful. The shares in ING UK Real Estate Income Trust Limited
referred to in this announcement have not been and will not be registered under
the Securities Act and may not be offered or sold within the United States
absent registration or an exemption from registration. No public offering of
securities will be made in the United States, Canada, Australia, or Japan.


This announcement has been communicated by JPMorgan Cazenove Limited which is
authorised and regulated in the United Kingdom by the Financial Services
Authority and does not constitute an offer to sell or a solicitation of an offer
to purchase any securities. The price of shares and the income from them may go
down as well as up and investors may not get back the full amount invested on
disposal of the shares.  Investments in property are relatively illiquid and
more difficult to realise than equities or bonds.  Yields may vary, and are not
guaranteed.  There is no guarantee that the market price of shares in the fund
will fully reflect their underlying NAV.


END



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