Redemption Announcement

AXA PROPERTY TRUST LIMITED                           

 (a closed-ended company incorporated with limited liability under the laws of 
                    Guernsey with registered number 43007)                     

                            REDEMPTION ANNOUNCEMENT                            

Further to the passing of the Special Resolution by the requisite majority at
the Extraordinary General Meeting held on 27 February 2014 and the powers
therein granted to the Board, the Company will return approximately £1.8
million to Shareholders, equivalent to approximately 2.02 pence per Share, on 14
May 2015 (the "Redemption Date") by way of a redemption of a proportion of all
Shareholders' holdings of Shares (the "Redemption").

Words and expressions that were defined in the Circular posted to shareholders
on 4 February 2014 (the "Circular") shall have the same meaning where they are
used in this announcement, except where the context requires otherwise.

The Redemption Price per Share shall be 56.55 pence (by reference to the NAV
per Share as at 31 December 2014 which is after deducting deferred tax as
recognised under IFRS and the Group's accounting policies and costs and
expenses in relation to the partial redemption) and the aggregate amount to be
distributed to Shareholders pursuant to the Redemption will be approximately
£1.8 million. The Redemption will be effected pro rata to holdings of Shares on
the register at the close of business on the Redemption Date. Around 3.58% of
the Company's issued share capital will be redeemed on the Redemption Date
(that is approximately 3.58 Shares for every 100 Shares held (the "Relevant
Percentage")). Fractions of Shares will not be redeemed and so the number of
Shares to be redeemed for each Shareholder will be rounded down to the nearest
whole number of Shares.

As a result of the Company's disposal programme as described in the Circular,
the Company currently has approximately £1.8 million in unallocated cash.The
sales that have been recently achieved, and are in hand, position the Company
to deal with the remainder of the portfolio in an orderly fashion, making this
an appropriate time to distribute to Shareholders the unallocated cash. The
costs and expenses of this Redemption are estimated not to exceed £7,500,
equivalent to approximately 0.24 pence per Share being redeemed.

The Company currently has 88,865,954 Shares in issue of which none are held in
treasury. All of the Shares redeemed on the Redemption Date will be cancelled.
A further announcement will be released following the Redemption Date to
confirm the new number of Shares in issue.

The Shares will be disabled in CREST on the Redemption Date and the existing
ISIN, GG00BRJ94K44 (the "Old ISIN"), will expire. Anew ISIN, GG00BX8ZSL46, in
respect of the remaining Shares which have not been redeemed (the "New ISIN")
will be enabled and available for transactions from and including the first
Business Day following the Redemption Date.Up to and including the Redemption
Date, Shares will be traded under the Old ISIN and as such, a purchaser of such
Shares will have a market claim for a proportion of the redemption proceeds.
CREST will automatically transfer any open transactions as at the Redemption
Date (which is the record date for the purposes of the Redemption) to the New
ISIN.

Payments of redemption proceedsare expected to be effected either through CREST
(in the case of Shares held in uncertificated form) or by cheque (in the case
of Shares held in certificated form) within 8Business Days of the Redemption
Date. Shareholders will be paid their redemption proceeds in Sterling.

                              EXPECTED TIMETABLE                               

Redemption Announcement date                                     29 April 2015
                                                                              
Redemption Date, Redemption Record Date,        14 May 2015(close of business)
expiry of Old ISIN                                                            
                                                                              
New ISIN enabled, CREST Accounts credited                          15 May 2015
                                                                              
Payment of proceeds date                                           26 May 2015