Net Asset Value(s)

ING UK Real Estate Income Trust Ltd
17 January 2007


ING UK Real Estate Income Trust Limited


31 December 2006 Net Asset Value



The unaudited Net Asset Value ('NAV') per share of ING UK Real Estate Income
Trust Limited as at 31 December 2006 was 126 pence. This NAV figure incorporates
the external portfolio valuation as at 31 December 2006. It includes current
year income and is calculated after the deduction of dividends paid prior to 31
December 2006, but does not include provision for the next quarterly dividend
which is expected to be paid in February 2007.


The Company's NAV of 126 pence per share reflects an uplift of 3 pence per
share, or 2.52% over the quarter. The NAV over the 12 months to 31 December 2006
has increased by 21 pence per share or 20%.


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:

                         31 December 2006  30 September 2006     30 June 2006
                                      £m                    £m              £m
Investment properties at
market value                       702.2                 586.3           553.8
Current assets                      45.3                  30.9            17.8
Current liabilities                (24.4)                (21.9)          (19.7)
Borrowings                        (313.5)               (225.0)         (200.0)
                                   409.6                 370.3           351.9
Market value of interest
rate swaps                           8.7                   5.1             6.2
Net Asset Value                    418.3                 375.4           358.1



The Company has continued to grow in size over the last three months with a
portfolio value of over £700m at 31 December 2006 following improving property
values as well as the successful acquisition of a further 8 properties in early
December, one of which was sold immediately. The successful placing of 26.5m
shares to fund the portfolio purchase has also contributed to an increase in the
NAV to £418.3m.


In addition the disposal of the Scorpio Inns Portfolio was completed during the
period at a premium to the September 2006 valuation.


The property portfolio will next be valued by an external valuer during March
2007 and the NAV per share as at 31 March 2007 will be issued in April 2007.


The Company will prepare its first Annual Report to 31 December 2006, and this
will be issued to shareholders in April 2007. The figures at that date are
therefore subject to audit.

All Enquiries:


The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Ltd

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL


Tel: [phone]

Fax: [phone]


END




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