Facility Draw Down

AXA Property Trust Ld
02 April 2008


To: Company Announcements

Date: 2 April 2008

Company: AXA Property Trust Limited


Subject: Facility Draw down



On 28 March 2008, the Company made a final €15 million draw down on its loan
facility with Calyon Corporate and Investment Bank, bringing its total gearing
to 44.7% excluding the 12% interest in the Porto Kali Dutch office portfolio and
47.2% including Porto Kali.


The purpose of the draw down is to secure financing for future capital
expenditure on the logistics warehouse in Agnadello and retail park in Fuerth
prior to the expiry of the availability period of the loan facility on 1 April
2008. The Directors are of the view that the financing terms under the existing
loan facility are favourable compared to those terms that could potentially be
achieved in the next six to 18 months, with the added advantage of certainty.


The cash will be invested in fixed term deposits which will be realised as
required for the capital expenditure programme.


The interest rate risk on the €15 million draw down will be fully hedged via
interest rate swaps and caps to April 2011 when the loan facility expires.









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]

Fax: [phone]



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