Company Update

AXA Property Trust Ld
10 August 2007



               AXA PROPERTY TRUST LIMITED RELEASES COMPANY UPDATE

9 August 2007

AXA Investment Managers UK Limited (the Investment Manager) and AXA Real Estate
Investment Managers UK Limited (the Real Estate Adviser) are pleased to report
that the Company has largely completed the investment of funds in a carefully
selected European property portfolio in accordance with its investment
objectives. As at 30 June 2007 19 separate properties had been acquired across
Europe at a gross cost of £127.3 million. In addition, the Company holds a 12%
investment in Porto Kali, the Joint Venture Company that acquired a £210 million
Dutch office portfolio (gross costs). The acquisition of a further asset
(Pankower Allee, Germany) completed after the quarter end at a gross cost of
£4.2 million.

The investment portfolio (excluding Porto Kali) was independently valued at
£134.1 million as at 30 June 2007(1). The property revaluation gain over the
year was £6.3 million (6.3 pence per share). The rental income stream is well
secured both in terms of duration and tenant covenants.

Diligent asset management is key to the Company's on-going strategy. In
Agnadello, Italy, the Company has entered into a reversionary lease with a major
Italian logistics provider, increasing the secured rental income term from two
to seven years including a built-in rent uplift in July 2009. In return the
Company is undertaking improvement works to the property.

A significant reduction in acquisition and one-off costs is anticipated in the
financial year to 30 June 2008 as a result of holding a largely invested
property portfolio. In the financial year to 30 June 2007 acquisition and
one-off costs significantly affected the Company's Net Asset Value.

The Board continues to review the hedging position of the net investment in
Euros, which is currently un-hedged. Translation losses arising from a weakening
of the Euro against Sterling in the financial year to 30 June 2007 have reduced
the Net Asset Value of the Company. The Euro denominated income stream is
largely hedged.

As strong investor interest in the European property market continues to drive
down acquisition yields, we anticipate further capital growth in the property
portfolio during the rest of the 2007 and in 2008.

The Company is pleased to report that an updated factsheet presenting Fund
performance as at 30 June 2007 is now available on the AXA Investment Managers'
website;

http://www.axa-im.co.uk

Please follow the prompts to 'Literature' and 'Factsheets'.


--------------------------

(1) Property valuation undertaken by Knight Frank as at 30 June 2007

All Enquiries:


The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL


Tel: [phone]




                      This information is provided by RNS
            The company news service from the London Stock Exchange