Equity Hedging

AXA Property Trust Ld
22 February 2008


To: Company Announcements

Date: 22 February 2008

Company: AXA Property Trust Limited


Subject: Equity Hedging





The Board of AXA Property Trust ('the Company') are pleased to announce the
execution of the first tranche of the Company's net investment or equity hedging
strategy.


On 21 February 2008 the Company purchased a forward for the Sterling equivalent
of €40 million with a maturity date of 2015. 2015 coincides with the earliest
possible date for termination of the Company, as foreseen in the Company's
Prospectus at launch.


The purpose of the hedging instrument is to reduce volatility in the Company's
Net Asset Value arising from fluctuations in the Euro/Sterling exchange rate, as
well as 'locking in' significant foreign exchange gains the Company has
experienced in recent months as a result of the favourable foreign exchange
movements.


The Board will continue to keep the status of equity hedging under review and
expects to enter into further transactions to increase the proportion of hedged
equity in the coming months.





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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