Fitch Affirms Nuveen Real Estate Income Fund's Preferred Shares 'AAA'

NEW YORK--(Business Wire)--
Fitch affirms 'AAA' rating assigned to the taxable auction
preferred shares series M, T, W, TH and F issued by Nuveen Real Estate
Income Fund in the total amount of $72,000,000. The rating affirmation
follows proportional redemption of preferred shares of the above
mentioned fund in the total amount of $150,000,000. The 'AAA' rating
denotes expectations of very low credit risk.

The redemptions have commenced and are expected to be completed by
Thursday, May 29, 2008.

Nuveen Real Estate Income Fund is a non-diversified, closed-end
management investment company, whose common shares are traded at the
American Stock Exchange under the symbol 'JRS.' The fund's inception
date is Nov. 15, 2001. As of March 31, 2008 the fund had approximately
$777 million in assets under management.

The fund's investment objective is high current income and capital
appreciation. The fund invests at least 90% of its total assets in
income producing common stocks, preferred stocks, convertible
preferred stocks and debt securities issued by real estate companies;
at least 80% of its total assets in income producing equity securities
issued by REITs; and will not invest more than 25% of its total assets
in non-investment grade preferred stocks, convertible preferred stocks
and debt securities.

The rating affirmation is based on the strength of the fund's
underlying portfolio that provides preferred stock liquidation
coverage as well as the quality and experience of the fund's
investment advisor. At the time of the rating, the fund's pro forma
coverage ratios that take the above named redemption into effect,
calculated in accordance with the requirements of the 1940 Act as
amended and the Fitch rating criteria satisfied regulatory
requirements mandating an asset coverage ratio of at least 200% as
well as Fitch's minimum coverage ratio requirements of at least 100%.

Nuveen Asset Management ('NAM') is the fund's investment adviser
and Security Capital Research & Management Incorporated is the Fund's
sub-adviser. NAM is a wholly owned subsidiary of Nuveen Investments,
Inc. Nuveen Investments provides investment services to retail and
institutional investors. Nuveen Investments markets its investment
solutions under brands of NWQ, Santa Barbara, Tradewinds, Rittenhouse,
Symphony and Nuveen, including the Nuveen HydePark Group. In total,
Nuveen Investments managed $164 billion in assets as of Dec. 31, 2007.

Fitch's rating definitions and the terms of use of such ratings
are available on the agency's public site, www.fitchratings.com.
Published ratings, criteria and methodologies are available from this
site, at all times. Fitch's code of conduct, confidentiality,
conflicts of interest, affiliate firewall, compliance and other
relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings, New York
Said Rafat, 212-908-0337
Viktoria Baklanova, CFA, 212-908-9162
Yuriy Layvand, CPA, 212-908-9191
Sandro Scenga, 212-908-0278 (Media Relations, New York)

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