Net Asset Value(s)

ING UK Real Estate Income Trust Ltd
21 January 2008


ING UK Real Estate Income Trust Limited

21 January 2008

ING UK Real Estate Income Trust Limited (IRET) - Net Asset Value as at 31
December 2007

The unaudited Net Asset Value ('NAV') per share of ING UK Real Estate Income
Trust Limited (the 'Company') as at 31 December 2007 was GBP369.5m,
approximately 112 pence per share. This NAV figure incorporates the external
portfolio valuation as at 31 December 2007. It includes current year income and
is calculated after the deduction of dividends paid prior to 31 December 2007,
but does not include provision for the next quarterly dividend which is expected
to be paid in February 2008.

The NAV attributable to the Ordinary Shares is calculated under International
Financial Reporting Standards ('IFRS') and includes a downwards adjustment in
respect of the mark to market value of the interest rate swaps by GBP5.2m. In
addition, excluding asset sales there has been a GBP37.6m reduction,
representing a capital decline of 5.62%, in the value of the underlying property
portfolio over the period.


The unaudited NAV is as follows:

+-----------------+---------------+----------------+---------------+---------------+
|                 |  31 December  |  30 September  |    30 June    |   31 March    |
|                 |     2007      |      2007      |     2007      |     2007      |
|                 |      £m       |       £m       |      £m       |      £m       |
+-----------------+---------------+----------------+---------------+---------------+
|Investment       |     633.2     |     687.4      |     715.5     |     711.1     |
|properties       |               |                |               |               |
|                 |               |                |               |               |
+-----------------+---------------+----------------+---------------+---------------+
|Other assets     |     57.2      |      37.8      |     39.1      |     39.1      |
+-----------------+---------------+----------------+---------------+---------------+
|Other liabilities|    (19.5)     |     (18.1)     |    (18.4)     |    (20.3)     |
+-----------------+---------------+----------------+---------------+---------------+
|Borrowings       |    (307.0)    |    (307.0)     |    (312.3)    |    (313.5)    |
+-----------------+---------------+----------------+---------------+---------------+
|                 |     363.9     |     400.1      |     423.9     |     416.4     |
+-----------------+---------------+----------------+---------------+---------------+
|Market value of  |      5.6      |      10.8      |     18.4      |     11.6      |
|interest rate    |               |                |               |               |
|swaps            |               |                |               |               |
+-----------------+---------------+----------------+---------------+---------------+
|Net Asset Value  |     369.5     |     410.9      |     442.3     |     428.0     |
+-----------------+---------------+----------------+---------------+---------------+


The property portfolio will next be valued by an external valuer during March
2008 and the NAV per share as at 31 March 2008 will be issued in April 2008.


The Company will prepare its Annual Report to 31 December 2007, and this will be
issued to shareholders in April 2008. The figures at that date are therefore
subject to audit.


Investment Manager Commentary


The UK Commercial Property Market has continued to re-price over Q4, with the
IPD monthly index of directly held properties now having undergone an 11.7%
capital decline since its peak in June 2007 and 9.7% in Q4. Rental growth
remains positive with the IPD monthly figures showing average rental value
growth of 2.8% p.a. over Q4.


In terms of the underlying portfolio of the Company, this saw outward yield
movement across all sectors. These movements and current sector weightings are
detailed below;
+--------------------+---------------------------+-----------------------+
|                    |                           |                       |
+--------------------+---------------------------+-----------------------+
|Sector              |Capital Valuation Movement |Weighting at 31        |
|                    |                           |December               |
+--------------------+---------------------------+-----------------------+
|Retail              |-5.44%                     |18.0%                  |
+--------------------+---------------------------+-----------------------+
|Offices             |-5.50%                     |44.7%                  |
+--------------------+---------------------------+-----------------------+
|Industrial          |-5.22%                     |26.7%                  |
+--------------------+---------------------------+-----------------------+
|Leisure             |-3.10%                     |3.6%                   |
+--------------------+---------------------------+-----------------------+
|Retail Warehouse    |-9.43%                     |7.0%                   |
+--------------------+---------------------------+-----------------------+
|Total               |                           |100.0%                 |
+--------------------+---------------------------+-----------------------+


As at 31 December 2007 the portfolio had a 94.5% occupancy rate, a weighted
average lease term of 8.63 years and a net initial yield of 5.69%.


The Company made no acquisitions during Q4, but in accordance with its strategy
it disposed of a vacant industrial unit in Oxford (with completion following the
quarter end) and a low yielding retail block in Belfast, both of which will
enhance the overall portfolio's income return. These assets were disposed of for
an aggregate of GBP25.8 million, which represented an 11.7% premium to their
September valuation.


Following the sale of these assets, and after the end of the quarter, the
Company successfully reduced its non-securitised borrowings by GBP24.8m to
GBP57.2m. This in turn has reduced the weighted average cost of debt to 5.1% and
current borrowings stand at GBP282.2m. Net debt represents a loan to value ratio
of 38.9% to the portfolio's value as at 31 December 2007.


During Q4 the Company also repurchased 1,098,700 Ordinary Shares for
cancellation, leaving Ordinary Shares in issue of 330,401,300.


Despite more challenging market conditions, the Investment Manager continues to
manage the Company's portfolio actively, with a particular focus on income
generation.

For further information:


All Enquiries


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]


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, 020 7831 3113, [e-mail]

Stephanie Highett, 020 7831 3113, [e-mail]


END



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