Acquisition

AXA Property Trust Ld
20 July 2006


                AXA PROPERTY TRUST LIMITED MAKES FURTHER PROPERTY 
                              ACQUISITIONS IN EUROPE

20 July 2006

The Board is pleased to announce that the Company has now completed the
acquisition of a multi-screen cinema entertainment complex in Bergamo, Italy for
a total commitment of €18.9 million including acquisition costs. The property
shows a gross acquisition yield of 7.0%.

This recent acquisition brings the total contracted and optioned portfolio of
properties to €167 million after acquisition costs, showing a blended gross
acquisition yield of 8.0%.

The Board is pleased to advise that €26.9 million of property is now in
solicitor's hands, and expects these investments to be contracted in the near
future.

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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