Acquisition

AXA Property Trust Ld
25 May 2006


    AXA PROPERTY TRUST LIMITED MAKES FURTHER PROPERTY ACQUISITIONS IN EUROPE

25 May 2006


The Board is pleased to announce that the Company has now contracted to acquire
a further three properties in Belgium and Germany for a total commitment of
€19.3 million including acquisition costs. The acquisitions comprise a retail/
leisure property in Antwerp, Belgium for €7.9 million, an out of town retail
warehouse in Kraichtal, Germany for €5.3 million and an in-town retail warehouse
in Berlin, Germany for €6.1 million. These recent acquisitions brings the total
contracted and optioned portfolio of properties to €141.4 million after
acquisition costs, showing a blended gross acquisition yield of 8.10%. The total
contracted and optioned portfolio has an average lease length, term-certain, of
7.79 years.

There are six further properties amounting to €79.4 million in solicitors' hands
which are due to be acquired at a similar blended gross acquisition yield before
the end of the first financial period of operation (ending 30th June 2006).

The Board is pleased to announce that the financing facility for the Company has
now been signed and is ready for the first draw down which is anticipated to
occur shortly for those properties which are currently in solicitors' hands. The
facility is provided by Calyon, the corporate and investment banking arm of the
Credit Agricole Group, and is not subject to specific asset mortgage charges.
The facility amounts to €81.5 million for a period of 5 years with terms that
are generally better than those set out in the Prospectus.

In relation to and given the weight of investment money chasing continental
European commercial property, the demand for commercial property in Europe has
been exceptionally strong throughout the period since launch. The manager has
remained committed to the fund's investment strategy and selective in its
acquisitions which has resulted in the acquisitions being weighted towards the
second half of the acquisition period, and will result in the dividends being
lower than originally estimated in the first financial period of operation.
Nevertheless the Board is pleased to confirm that the net proceeds of the issue
have now been allocated to property at gross acquisition yields better than
those set out in the Prospectus. The anticipated portfolio is positioned to
deliver dividend returns and NAV growth in subsequent years.


All Enquiries:

The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
GY1 3QL

Tel: [phone]
Fax: [phone]






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