ING reports NAV uplift

ING UK Real Estate Income Trust, which owns offices, retail and industrial assets in the North West, said net asset value per share rose slightly in the third quarter of 2009.

The unaudited net asset value per share of ING UK Real Estate Income Trust at 30 September was £160.8m, reflecting 49p a share. In a statement to the stock exchange, the listed trust said excluding asset sales there was a £2.7m increase in the underlying property portfolio valuation, representing a 0.8% increase over the three-month period.

The trust is part of the parent ING Real Estate group which includes development, asset management and investment subsidiaries.

ING UK Real Estate Income Trust owns three assets in the region: Angouleme Way Retail Park, Bury; offices in Merchants House, Crook Street, Chester, and industrial space at Easter Court, Gemini Park, Warrington.

The trust remains within its principal banking covenants, which have improved since June, with a current loan to value for its securitised pool of 50.5% and rental income more than double the level of interest.

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