Disposal

AXA Property Trust Ld
17 October 2006


    AXA PROPERTY TRUST LIMITED DISPOSES OF EQUITY SHARE IN ITALIAN PROPERTY

AXA Property Trust Limited ('the Company') announces that it has disposed of 50%
of its interest in Property Trust Agnadello S.r.l. ('PT Agnadello') to EAVF
S.A.R.L ('EAVF') yesterday.

PT Agnadello owns a distribution warehouse in Northern Italy with a current
rental income of approximately Euro 2.3 million per annum. PT Agnadello has
owned the property since 10 February 2006.

The sale price of Euro 2.4 million in cash represents 50% of the total
underlying property value of Euro 30.1 million after taking into account the
debt of Euro 32.2 million and net assets of Euro 6.8 million of PT Agnadello. PT
Agnadello has an intra-group loan with Property Trust Luxembourg 2, S.A.R.L., a
subsidiary of the Company. Within two months 50% of the debt will be replaced by
financing from EAVF.

The Manager of EAVF is Partnership Incorporations Limited ('PIL'), which has
appointed AXA REIM UK Limited ('AXA REIM') as Property Adviser. AXA REIM also
acts as Real Estate Adviser to the Company. The Company's Board is satisfied
that the transaction is at arms length and that the sale price represents market
value. The underlying property value has been confirmed by the independent
valuers to the Company.

A partial disposal was envisaged when this property was acquired and meets the
Real Estate Adviser's strategy of reducing exposure to an asset with a single
tenant in this location. The proceeds of the sale will be reinvested by the
Company in the acquisition of further European real estate assets.

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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