Net Asset Value(s)

ING UK Real Estate Income Trust Ltd
16 July 2007


ING UK Real Estate Income Trust Limited - 30 June 2007 Net Asset Value


16th July 2007



The unaudited Net Asset Value ('NAV') per share of ING UK Real Estate Income
Trust Limited as at 30 June 2007 was 133 pence. This NAV figure incorporates the
external portfolio valuation as at 30 June 2007. It includes current year income
and is calculated after the deduction of dividends paid prior to 30 June 2007,
but does not include provision for the next quarterly dividend which is expected
to be paid in August 2007.


The Company's NAV of 133 pence per share reflects an uplift of 4 pence per
share, or 3.1% over the quarter. The NAV over the 12 months to 30 June 2007 has
increased by 16 pence per share or 13.7%.


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 swaps.


The unaudited NAV is calculated as follows:

+------------------------------+-----------------+-----------------+-----------------+
|                              |  30 June 2007   |  31 March 2007  |31 December 2006 |
|                              |                 |                 |                 |
|                              |       £m        |       £m        |       £m        |
+------------------------------+-----------------+-----------------+-----------------+
|Investment properties at      |      715.5      |      711.1      |      702.2      |
|market value                  |                 |                 |                 |
+------------------------------+-----------------+-----------------+-----------------+
|Current assets                |      39.1       |      39.1       |      45.3       |
+------------------------------+-----------------+-----------------+-----------------+
|Current liabilities           |     (18.4)      |     (20.3)      |     (24.4)      |
+------------------------------+-----------------+-----------------+-----------------+
|Borrowings                    |     (312.3)     |     (313.5)     |     (313.5)     |
+------------------------------+-----------------+-----------------+-----------------+
|                              |      423.9      |      416.4      |      409.6      |
+------------------------------+-----------------+-----------------+-----------------+
|Market value of interest rate |      18.4       |      11.6       |       8.7       |
|swaps                         |                 |                 |                 |
+------------------------------+-----------------+-----------------+-----------------+
|Net Asset Value               |      442.3      |      428.0      |      418.3      |
+------------------------------+-----------------+-----------------+-----------------+


The property portfolio will next be valued by an external valuer during
September 2007 and the NAV per share as at 30 September 2007 will be issued in
October 2007.


Key highlights during the Quarter include:-



O        The underlying capital growth in the Property Portfolio has been
strongest in Central London and South East offices, underlining our strategy to
increase our holdings in these sectors and in areas where we have undertaken
active asset management initiatives.


O        The largest capital increases came from Angel Gate Village, London, EC1
where the letting campaign is complete and the property is now fully income
producing. At Boundary House, Jewry Street, London, EC3 a mutual break clause
has been actioned, enabling the Company to take advantage of the opportunity to
enhance the rental income at the property and at Citylink House and Tolley
House, Croydon, where a lease to Royal Bank of Scotland has been regeared, now
expiring in 2021.


O        The Company made no acquisitions during the period but disposed of a
small industrial investment in Trafford Park, Manchester for £5.765m. Post the
period end the Company has disposed of an office investment, Wren House,
Chelmsford for £3.85m continuing the process of selling smaller and lower
yielding assets or those that have limited active management potential.


Commenting on the announcement, Michael Morris, Fund Manager, said:


'Our NAV Growth this quarter has been principally driven by office holdings in
Central London and the South East and where active management initiatives have
been implemented.


'The Company's fixed cost debt across the portfolio, combined with our programme
of asset management and stock selection will help us to continue to drive
performance.'

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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