Statement re Magna Park

ING UK Real Estate Income Trust Ltd
17 May 2006


17 May 2006


ING UK Real Estate Income Trust Limited
Re: Magna Park, Lutterworth


Further to the statement made on the 2 November 2005 concerning the fire at the
TNT Primark Warehouse at Magna Park, Lutterworth, the Board is pleased to
confirm that the development management agreement for the rebuilding of the
property has been signed. The rebuilding works are underway and are expected to
complete in June 2006, at which time TNT will reoccupy the building.


The existing lease arrangement remains in place and once the building is ready
for occupation, TNT will reoccupy and recommence rental payments, which are
currently being paid under the insurance policy.


Prior to the fire, the company was in discussions with TNT concerning a possible
extension to the existing unit and the construction of an additional unit on an
adjacent plotin separate ownership. Although this transaction did not progress
following the fire, the board are pleased to confirm that TNT has requested an
external link block between the company's property and the adjacent plot.


In order for the company to grant consent for the link into the adjacent site,
the company has received a premium payment (from the adjoining owner) and
entered into a profit share agreement in respect of the sale of the building on
the adjacent site. This transaction is expected to realise payments to the
company in the order of £1,000,000.



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]


ENDS

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Stephanie Highett/Dido Laurimore, Financial Dynamics
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