RNS Number:8933S
ING UK Real Estate Income Trust Ltd
23 April 2008




ING UK Real Estate Income Trust Limited


22 April 2008


ING UK Real Estate Income Trust Limited (IRET) - Net Asset Value as at 31 March
2008


The unaudited Net Asset Value ('NAV') per share of ING UK Real Estate Income
Trust Limited (the "Company") as at 31 March 2008 was GBP 337.8m, reflecting
approximately 102 pence per share. This NAV figure incorporates the external
portfolio valuation as at 31 March 2008. It includes current quarter income and
is calculated after the deduction of dividends paid prior to 31 March 2008, but
does not include provision for the next quarterly dividend which is expected to
be paid in May 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 GBP 2.1m. In
addition, excluding asset sales there has been a GBP 27.8m reduction in NAV,
representing a -4.4% reduction in the underlying property portfolio over the
period.


The unaudited NAV is as follows:

+-----------------+---------------+----------------+
|                 |   31 March    |31 December 2007|
|                 |               |                |
|                 |     2008      |       £m       |
|                 |               |                |
|                 |      £m       |                |
+-----------------+---------------+----------------+
|Investment       |     599.0     |     633.2      |
|properties       |               |                |
|                 |               |                |
+-----------------+---------------+----------------+
|Other assets     |     35.7      |      57.2      |
+-----------------+---------------+----------------+
|Other liabilities|    (18.2)     |     (19.5)     |
+-----------------+---------------+----------------+
|Borrowings       |    (282.2)    |    (307.0)     |
+-----------------+---------------+----------------+
|                 |     334.3     |     363.9      |
+-----------------+---------------+----------------+
|Market value of  |      3.5      |      5.6       |
|interest rate    |               |                |
|swaps            |               |                |
+-----------------+---------------+----------------+
|Net Asset Value  |     337.8     |     369.5      |
+-----------------+---------------+----------------+


The property portfolio will next be valued by an external valuer during June
2008 and the NAV per share as at 30 June 2008 will be issued in July 2008.


The Company will prepare its Interim Report to 30 June 2008, and this will be
issued to shareholders in August 2008. The figures at that date are subject to
review by our auditors.


Investment Manager Commentary


The UK commercial property market continued to re-price during Q1 2008 and all
sectors suffered from outward yield movement.


As measured by the IPD monthly index capital growth was -4.7% reflecting a
slower rate of decline compared with Q4 2007 which was -9.7%.


The underlying portfolio of the Company saw outward yield movement across all
sectors. These movements and current sector weightings are detailed below:

+--------------------+---------------------------+-----------------------+
|                    |                           |                       |
+--------------------+---------------------------+-----------------------+
|Sector              |Capital Valuation Movement |Weighting 31 March 2008|
+--------------------+---------------------------+-----------------------+
|Retail              |-2.13%                     |18.7%                  |
+--------------------+---------------------------+-----------------------+
|Offices             |-4.91%                     |44.6%                  |
+--------------------+---------------------------+-----------------------+
|Industrial          |-5.47%                     |26.0%                  |
+--------------------+---------------------------+-----------------------+
|Leisure             |-3.79%                     |3.6%                   |
+--------------------+---------------------------+-----------------------+
|Retail Warehouse    |-4.05%                     |7.1%                   |
+--------------------+---------------------------+-----------------------+
|Total               |                           |100.0%                 |
+--------------------+---------------------------+-----------------------+


Over the quarter the best performing sector was retail, principally as a result
of the sales programme.




The Company made no acquisitions during Q1, but completed on the sales of a
distribution warehouse in Oxford and an office property in West Byfleet for a
combined total of GBP 7.04m. Furthermore, it exchanged contracts on the sale of
a retail property in Chester for GBP 32m (with completion following the quarter
end). Following the quarter end the Company exchanged contracts on a retail
parade in Stevenage for GBP 2.6m, which is in line with the March valuation.


During Q1 the Company successfully repaid GBP 24.8m of non securitised
borrowings bringing these down to GBP 57.2 million. Total debt now stands at GBP
282.2m with a Weighted Average Cost of Debt of 5.09%. As at 31 March net debt
represents a loan to value ratio of 43.7%.


Since June 2007 the portfolio has seen a like-for-like capital movement of
-12.8%. Since that date the Company has made combined sales of GBP 69m at an
average price of 3.9% above their June 2007 valuations.


As at 31 March 2008 the portfolio has a net initial yield of 5.96% and a
reversionary yield of 6.56%, a 95% occupancy rate and a weighted average lease
term of 8.62 years.



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:      01481 745439
Fax:      01481 745085


ING Real Estate Investment Management (UK) Limited
Helen Stott, 020 7767 5648 helen.stott@ingrealestate.co.uk


Financial Dynamics

Dido Laurimore, 020 7831 3113, dido.laurimore@fd.com
Stephanie Highett, 020 7831 3113, stephanie.highett@fd.com


END



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