4 November 2008
ING UK Real Estate Income Trust Limited
ING UK Real Estate Income Trust Ltd ("IRET" / "the Company"), a Guernsey registered closed-ended investment company, today announces that the Board has, along with its Investment Manager and advisors, undertaken a review of the level of its dividends.
The Board has concluded that, in light of the significantly weaker economic environment, it is not in the interests of the Company to continue to pay an uncovered dividend and will therefore reduce the dividend payment accordingly.
As a result, with immediate effect, the revised quarterly dividend will be 1 pence per share, which will provide a dividend cover of approximately 125%.
The Board has declared that an interim dividend will be payable in respect of the period from 1 July 2008 to 30 September 2008 as follows:-
Ex Date 12 November2008
Record Date 14 November 2008
Pay Date 28 November 2008
Dividend per Share 1 pence
Nicholas Thompson, Chairman of IRET commented:
"This is a serious and important strategic step for the Company which will strengthen its ability to withstand the challenging economic climate. In the last twelve months the Company has successfully made asset disposals of over GBP 80 million and has repaid all of its non securitised borrowings and combined with today's announcement this will further strengthen its position."
"The Board is acutely aware of the income bias of the vehicle and will seek to grow the dividend as soon as market conditions dictate and it is prudent to do so."
For further information:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
St Peter Port
Tel: 01481 745439
Fax: 01481 745085
ING Real Estate Investment Management (UK) Limited
Helen Stott, 020 7767 5648, firstname.lastname@example.org
Dido Laurimore/Laurence Jones, 020 7831 3113