Interim Results

AXA Property Trust Ld
29 February 2008


To:      Company Announcements
Date:    29 February 2008
Company: AXA Property Trust Limited


Subject: Half Year Report and Accounts for the six month period ended 31
December 2007



The Board are pleased to publish the Half Year Report and Accounts for the six
month period ended 31 December 2007.


A pdf version of the Half Year Report and Accounts is available on the AXA
Investment Managers' website:


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

Please follow the prompts to 'Literature' and 'Report and Accounts'.






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]



AXA Property Trust Limited
Half Year Report and Accounts
for the six month period ended 31 December 2007



Financial Highlights and Performance Summary


Financial Highlights
Total return on Net Asset Value (NAV) was 11.2%
NAV per share increased by 9.2%
Earnings per share grew by 7.7% to 3.6 pence per share
Dividends paid amounting to 2 pence per share
Gearing (2) maintained at relatively low level of 37.0%
(40.6% including Porto Kali investment on a 'look through' basis)
Completion of acquisition of retail asset in Pankower Allee, Berlin on 3 August
for a gross purchase price of £4.2 million
€40 million equity hedge executed after the period end on 21 February 2008



Performance Summary
+-----------------------------+---------------+-------------+-----------+
|                             |31 December    |30 June 2007 |% Change   |
|                             |2007           |             |           |
+-----------------------------+---------------+-------------+-----------+
|Net Asset Value (NAV) (£000) |109,160        |99,979       |9.2%       |
+-----------------------------+---------------+-------------+-----------+
|NAV per share                |109.16p        |99.98p       |9.2%       |
+-----------------------------+---------------+-------------+-----------+
|Earnings per share           |3.60p          |3.35p        |7.7%       |
+-----------------------------+---------------+-------------+-----------+
|Dividend paid in the period  |2.00p          |2.70p        |(25.9%)    |
+-----------------------------+---------------+-------------+-----------+
|Share price Note 1           |74.13p         |99.75p       |(25.7%)    |
+-----------------------------+---------------+-------------+-----------+
|Share price discount to NAV  |(32.1%)        |(0.2%)       |(13,910.4%)|
+-----------------------------+---------------+-------------+-----------+
|Gearing Note 2               |37.0%          |35.6%        |3.8%       |
+-----------------------------+---------------+-------------+-----------+
|Total assets less current    |170,547        |150,974      |13.0%      |
|liabilities (£000)           |               |             |           |
+-----------------------------+---------------+-------------+-----------+



Total Return
+------------------------------+---------------+
|                              |31 December    |
|                              |2007           |
+------------------------------+---------------+
|AXA Property Trust            |(23.9%)        |
+------------------------------+---------------+
|FTSE All Share Index          |(2.1%)         |
+------------------------------+---------------+
|FTSE Real Estate Index        |(23.8%)        |
+------------------------------+---------------+


Note 1: Mid market share price
Note 2: Bank debt/property portfolio excluding Porto Kali investment

Source: AXA Investment Managers UK Limited and Datastream



Chairman's Statement

I am pleased to report that your Company, AXA Property Trust Limited, has
performed well during the six month period ended 31 December 2007. The portfolio
acquired over the previous two years has provided a stable income yield and
capital growth, despite the more uncertain markets of recent months.


Results Note 1

The Group (the Company and its subsidiaries) generated a net profit of £3.6
million for the six months to 31 December 2007. The net valuation uplift on
properties was 1.2% (£1.6 million). Excluding revaluation gains after deferred
tax, net profit was £2.2 million.

The gross rental yield was 7.1% based on an independent market valuation of
£153.4 million as at 31 December 2007. A detailed yield analysis based on cost
is included in the Investment Manager's Report on page 6. This income stream is
well secured both in terms of tenant covenant and in duration, with an average
unexpired weighted lease length of 6.7 years.

Net asset value at 31 December 2007 was £109.16 million (109.16 pence per
ordinary share). In the previous financial year, translation losses reduced net
asset value by £2.6 million as a result of adverse movements in the Sterling/
Euro exchange rate. During the first half of the current financial year, the
Sterling/Euro exchange rate has moved in the Company's favour, resulting in
gains of £9.0 million. The Board has 'locked in' some of these translation gains
through net investment ('Euro equity') hedging which is outlined in the
Investment Manager's Report on page 9.


Dividend

The Board has approved two quarterly interim dividends in respect of the
financial year to 30 June 2008. The first dividend was paid 30 November 2007 and
the second dividend is scheduled for payment 29 February 2008. Each dividend
amounted to 1 pence per share, giving an annualised dividend yield of 4.0% on
the issue price. This is below the distribution target of around 5.0% as a
result of higher financing costs arising from increases in the Euribor interest
rate between 2005 and 2007.

The dividends declared in the six month period are virtually fully covered by
the operating profit excluding capital items for the six month period.


Fund Management Team

The Board are pleased to welcome Martin McGuire as head of the Company's fund
management team at the Company's Investment Manager, AXA Investment Managers UK
Limited. Mr. McGuire was appointed in December 2007. He is an experienced
property fund manager in both the UK and Europe, most recently as Investment
Director at Standard Life Investments where he was Fund Manager of Standard Life
Investment's £2 billion Unit Linked Life Property Fund. From the early 1990s Mr.
McGuire led Standard Life's expansion into Europe where he built up and managed
the property investment and development programme taking total investment to
over €1.5 billion and was Fund Manager of Standard Life Investment's €800
million European Property Growth Fund.

The Board would like to take this opportunity to thank Hitesh Patel, the former
head of the fund management team, for his highly valued work in successfully
launching the Fund in 2005, bringing it to full investment and achieving its
subsequent growth and wish him every success in his new role within AXA Real
Estate Investment Managers UK Limited.


Prospects

The fall in the Company's share price since the summer of 2007 contrasts with
the underlying growth in its Net Asset Value and the valuation of the property
portfolio. In light of the Real Estate Adviser's view of market prospects, I
believe the current share price undervalues the Company.

AXA Real Estate Investment Manager UK Limited, the 'Real Estate Adviser',
believe that there will be continuing pricing corrections in some local
Continental markets, particularly in secondary real estate. As the Company's
portfolio is well located with a focus in the relatively strong German economy
and benefits from well secured income streams, they consider it reasonably
sheltered from these trends. They do not believe that the main Continental
property markets will suffer the severe pricing corrections seen in the UK
markets.

Despite the more challenging environment since the summer of 2007, the Company
is well-placed to deliver stable income as its position is backed by the
relatively 'core' nature of the majority of the property portfolio and strong
tenant profile. Continuing focus by the Company and its Real Estate Adviser on a
number of active asset management initiatives should help to enhance the
portfolio.

Charles Hunter
Chairman
28 February 2008



Investment Manager's Report

Investment Manager

AXA Investment Managers UK Limited (the 'Investment Manager') is the UK
subsidiary of AXA Investment Managers, a dedicated asset manager within the AXA
Group. AXA Investment Managers is an innovative and fast-growing multi-expertise
investment manager with €548 billion of assets under management and 2,919
employees in 19 countries as at 31 December 2007.

AXA Real Estate Investment Managers UK Limited (the 'Real Estate Adviser') is
part of real estate management arm of AXA Investment Managers S.A. ('AXA REIM').
AXA REIM is a specialist in European real estate investment management with
approximately €41.4 billion of real estate assets under management in 17
European countries as at 31 December 2007, of which the Real Estate Adviser
manages approximately €9.6 billion.

Real Estate Market

Tighter credit conditions in the Eurozone, resulting from the US sub-prime
crisis, mean that prime real estate is likely to experience a modest pricing
adjustment in some local markets. The most significant adverse short term
pricing pressure is likely to be in secondary assets and second tier markets.
Eurozone economic growth expectations have moderated since the summer of 2007
and this is expected to dampen occupier demand to some degree, particularly for
the office sector.

Nevertheless, the Eurozone remains one of the most attractive regions for real
estate investment, particularly over the longer term. Income yields are
relatively appealing compared to 10 year government bond yields, rental income
is typically linked to inflation and 5 year swap rates have fallen since the
credit crisis.

Germany is still notching up some of its best growth rates for a decade with
third quarter GDP growth increasing by 0.7% and unemployment falling to a
six-year low. However, growth prospects may be moderated going forward due to a
rise in the Euro and slowdown in exports.

Retail

Retailer confidence remains positive, although it fell in the final quarter of
2007. Most of the major cross-border retailers are continuing to expand into new
markets across Europe and are trading relatively well, in contrast to the UK
where retailers are struggling to maintain profit margins.

Consumer confidence in the Eurozone has fallen since the second half of 2007.
While prospects of interest rate cuts should help alleviate consumer anxiety,
sentiment is likely to remain fragile while the full impact of the credit crunch
of 2007 is being assessed.

Out-of-town retail warehouses, supermarkets and hypermarkets with strong food
anchors are expected to outperform in 2008, particularly in Germany, Spain and
the Nordics.

Office

Economic growth in the Eurozone for 2008 is expected at a rate of 2.1%, which
should continue to support employment levels and occupier demand. Overall, net
absorption is expected to outstrip new supply and rental growth over 2008 is
expected to remain positive. Eurozone office yields have started to drift
outwards since mid 2007 (Note 1), although not to the extent seen in the UK.

Industrial

Yield compression has come to a halt, although outward yield movement has not
been seen, with the exception of the UK and Ireland where market cycles are more
advanced. Rental growth is expected to remain below inflation with limited
variance between territories.

Investment Activity

The Company has now completed the construction of a bespoke portfolio of 20
properties located across Europe, as well as holding an interest in a Dutch
office portfolio. The property portfolio has been acquired at a cost of £143.7
million, including acquisition costs of £7.1 million. As at 31 December 2007 the
property portfolio was independently valued at £153.4 million. In addition, the
Company holds a 12% interest in a joint investment holding Dutch office
properties valued at £217.1 million at 31 December 2007.

A site which forms part of a retail park held in the property portfolio is to be
developed in 2008.

Note 1 Source: Property Market Analysis LLP



Property Portfolio at 31 December 2007
+----------------------+-----------+----------+--------+--------+------------+
|Property              |Country    |Sector    |Current |Current |% of total  |
|                      |           |          |gross   |net     |assets (less|
|                      |           |          |rental  |rental  |current     |
|                      |           |          |yield   |yield   |liabilities)|
|                      |           |          |Note 1  |Note 2  |            |
+----------------------+-----------+----------+--------+--------+------------+
|                      |           |          |        |        |            |
+----------------------+-----------+----------+--------+--------+------------+
|Phoenix Centre, Furth |Germany    |Retail    |7.66%   |6.86%   |12.1%       |
+----------------------+-----------+----------+--------+--------+------------+
|Rothenburg            |Germany    |Retail    |6.94%   |6.36%   |11.4%       |
+----------------------+-----------+----------+--------+--------+------------+
|Bergamo               |Italy      |Leisure   |6.98%   |6.59%   |8.2%        |
+----------------------+-----------+----------+--------+--------+------------+
|SS Bergamina,         |Italy      |Industrial|7.67%   |7.20%   |7.3%        |
|Agnadello             |           |          |        |        |            |
+----------------------+-----------+----------+--------+--------+------------+
|Am Birkfeld, Dasing   |Germany    |Industrial|8.75%   |7.83%   |5.3%        |
+----------------------+-----------+----------+--------+--------+------------+
|Smakterweg, Venray    |Netherlands|Industrial|9.49%   |8.36%   |4.9%        |
+----------------------+-----------+----------+--------+--------+------------+
|Bahnhofstrasse, Karben|Germany    |Retail    |7.61%   |6.75%   |4.8%        |
+----------------------+-----------+----------+--------+--------+------------+
|Montabaur-Heiligenroth|Germany    |Retail    |6.90%   |6.07%   |4.8%        |
+----------------------+-----------+----------+--------+--------+------------+
|Bernau                |Germany    |Retail    |9.81%   |8.75%   |4.4%        |
+----------------------+-----------+----------+--------+--------+------------+
|Keyser Center, Antwerp|Belgium    |Retail    |7.17%   |6.73%   |3.6%        |
+----------------------+-----------+----------+--------+--------+------------+
|Other                 |-          |-         |-       |-       |23.1%       |
+----------------------+-----------+----------+--------+--------+------------+
|Total property        |           |          |7.88%   |7.11%   |89.9%       |
|portfolio             |           |          |        |        |            |
+----------------------+-----------+----------+--------+--------+------------+
|Porto Kali Investment |           |          |        |        |6.0%        |
+----------------------+-----------+----------+--------+--------+------------+
|Other non current     |           |          |        |        |4.1%        |
|assets and net current|           |          |        |        |            |
|assets                |           |          |        |        |            |
+----------------------+-----------+----------+--------+--------+------------+
|Total assets less     |           |          |        |        |100%        |
|current liabilities   |           |          |        |        |            |
+----------------------+-----------+----------+--------+--------+------------+

Note 1: Gross rental yield excludes property and acquisition costs.
Note 2: Net rental yield includes acquisition costs and an estimated 5% of gross
rent as property operating costs.
Note 3: Gross rental yield based on market valuation was 7.1%.

Source: AXA Investment Managers UK Limited



Geographic Analysis at 31 December 2007 by market value

In the portfolio analyses below, the Porto Kali investment is included as a 12%
share of the market value of properties held by the Porto Kali consortium. The
Porto Kali independent property valuation was undertaken by CB Richard Ellis
B.V. as at 31 December 2007.

+------------+------+
|Germany     |63%   |
+------------+------+
|Italy       |15%   |
+------------+------+
|Netherlands |19%   |
+------------+------+
|Belgium     |3%    |
+------------+------+

Within Germany, properties are split as follows: 61.1% in Bavaria, 13.8% in
Hessia, 7.2% in Rhineland-Palatinate, 6.7% in Brandenburg, 6.6% in Berlin, 2.6%,
Saxony Anhalt and 2.0% in Saxony.



Sector Distribution at 31 December 2007 by market value

+-----------+-----+
|Retail     |60%  |
+-----------+-----+
|Industrial |17%  |
+-----------+-----+
|Office     |15%  |
+-----------+-----+
|Leisure    |8%   |
+-----------+-----+



Source: AXA Investment Managers UK Limited



Covenant Strength Analysis at 31 December 2007

+----------+------+---------------------------------------+
|Grade A   |67.0% |Nationally and internationally         |
|          |      |recognised companies                   |
+----------+------+---------------------------------------+
|Grade B   |14.0% |Regionally recognised companies        |
+----------+------+---------------------------------------+
|Grade C   |13.1% |Locally recognised companies           |
+----------+------+---------------------------------------+
|Vacant    |5.9%  |Calculated using market rent           |
+----------+------+---------------------------------------+

The Company's covenant profile is strong, with the majority of tenants rated
Grade A or B. The weighted effective unexpired lease length for the completed
portfolio as at 31 December 2007 was 6.7 years, with 57.2% of income secured for
a term of over five years. Rental income from Grade A covenants represents 67.0%
of income and has a weighted unexpired lease length of 8.1 years. Vacant space
in the portfolio, measured using market rent, represented 5.9% of the total
gross rental income. 66% of vacant space within the property portfolio relates
to Porto Kali, a 'working' portfolio with a focus on capital value growth rather
than rental income.



Average Unexpired Lease Length Profile weighted by rental income

+----------+--------------+----------------+
|          |30 June 2007  |31 December 2007|
+----------+--------------+----------------+
|Grade A   |8.5 years     |8.1 years       |
+----------+--------------+----------------+
|Grade B   |5.6 years     |4.9 years       |
+----------+--------------+----------------+
|Grade C   |4.6 years     |4.2 years       |
+----------+--------------+----------------+
|Average   |7.1 years     |6.7 years       |
+----------+--------------+----------------+



Lease Expiry Profile weighted by rental income
(as a % of total gross rental income)

+----------+--------------+----------------+
|          |30 June 2007  |31 December 2007|
+----------+--------------+----------------+
|Vacant    |5.3%          |5.9%            |
+----------+--------------+----------------+
|0-5 years |37.5%         |36.9%           |
+----------+--------------+----------------+
|5-10      |24.5%         |28.6%           |
+----------+--------------+----------------+
|10-15     |24.7%         |20.9%           |
|years     |              |                |
+----------+--------------+----------------+
|15-20     |8.0%          |7.7%            |
|years     |              |                |
+----------+--------------+----------------+


Financing

The Board has opted to maintain loan to value gearing at relatively conservative
levels: 40.6% including the 12% interest in the Porto Kali Dutch office
portfolio and 37.0% excluding Porto Kali. This is well within the Company's
gearing limits of 45% currently approved by the Board and 50% under the terms of
both the Prospectus (issued by the Company on 18 April 2005) and the Company's
main financing facility.

The Company's main financing facility is in place until 2011, with the interest
rate risk fully hedged via interest rate swaps for three years and interest rate
caps in the final year. Cross currency swaps have been executed to cover
quarterly net Euro cash flows to the value of £1.0 million (€1.4 million) for
five years. To reduce the volatility of the Net Asset Value arising from
fluctuations in the Euro/Sterling exchange rate, the Company hedged €40 million
of its net investment in Euros ('Euro equity') on 21 February 2008.

The status of interest rate, currency and equity hedging is regularly reviewed
by the Investment Manager to adjust for variables such as property valuations
and predicted cash flows.


Outlook

In the next year the Investment Manager will concentrate on enhancing and
protecting the investment portfolio's income stream, which is already well
secured against strong covenants. A focus on diligent asset management, executed
via the Real Estate Adviser's in-territory asset management teams, aims to both
strengthen rental income and enhance the portfolio value.

Although the Company has some capacity to raise further funds via increased
gearing, no further debt financed property acquisitions are planned in the short
term. The Company may undertake selective disposals from within the portfolio,
depending upon the identification of sufficiently attractive reinvestment
opportunities and the ability to realise maximum value of the current
property portfolio.

Due to the strong fundamentals of the constructed property portfolio, together
with a conservative level of gearing, we are confident that the Company is
well positioned to deliver dependable income while at the same time protecting
value.



Responsibility Statement of the Directors in respect of the Condensed Half Year
Financial Report

We confirm that to the best of our knowledge:

the Condensed Half Year Financial Statements have been prepared in accordance
with IAS 34 Interim Financial Reporting; and

this Half Year Report provides a fair review of the information required by:

a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the financial
year and their impact on the Condensed Half Year Financial Statements; and a
description of the principal risks and uncertainties for the remaining six
months of the year; and

b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during that period; and any changes in the related
party transactions described in the last annual report that could do so.


By order of the Board

Charles Hunter
Chairman
28 February 2008

John Marren
Director
28 February 2008



Independent Review Report

Independent review report of KPMG Channel Islands Limited to AXA Property Trust
Limited on the Interim Financial Statements for the six month period ended 31
December 2007

Introduction

We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 31
December 2007 which comprises the Consolidated Balance Sheet as of 31 December
2007, and the related Consolidated Income Statement, Consolidated Statement of
Changes in Equity, Consolidated Statement of Cash Flows and the related
explanatory notes that have been reviewed. We have read the other information
contained in the half-yearly financial report and considered whether it contains
any apparent misstatements or material inconsistencies with the information in
the condensed set of financial statements.

Directors' Responsibilities

The half-yearly financial report is the responsibility of, and has been approved
by, the directors. The directors are responsible for preparing the half-yearly
financial report in accordance with the Disclosure and Transparency Rules of the
United Kingdom's Financial Services Authority.

As disclosed in note 2, the annual financial statements of the Company are
prepared in accordance with International Financial Reporting Standards. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with International Accounting Standard
34, 'Interim Financial Reporting'.

Our Responsibility

Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review.

Scope of Review

We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe
that the condensed set of financial statements in the half-yearly financial
report for the six months ended 31 December 2007 is not prepared, in all
material respects, in accordance with International Accounting Standard 34 and
the Disclosure and Transparency Rules of the United Kingdom's Financial Services
Authority.

KPMG Channel Islands Limited
Guernsey
28 February 2008



Condensed Half Year Consolidated
Income Statement
(Unaudited)

For the period from 1 July 2007 to 31 December 2007

+----------------------------------------+------+-------------+-------------+
|                                        |Notes |1 July 2007  |1 July 2006  |
|                                        |      |to 31        |to 31        |
|                                        |      |December 2007|December 2006|
+----------------------------------------+------+-------------+-------------+
|                                        |      |£000s        |£000s        |
+----------------------------------------+------+-------------+-------------+
|Gross rental income                     |      |5,135        |3,435        |
+----------------------------------------+------+-------------+-------------+
|Service charge income                   |      |422          |244          |
+----------------------------------------+------+-------------+-------------+
|Property operating expenses             |      |(1,002)      |(458)        |
+----------------------------------------+------+-------------+-------------+
|Net rental and related income           |      |4,555        |3,221        |
+----------------------------------------+------+-------------+-------------+
|Interest income                         |      |409          |220          |
+----------------------------------------+------+-------------+-------------+
|Other                                   |      |-            |(28)         |
+----------------------------------------+------+-------------+-------------+
|Net foreign exchange gains              |      |98           |16           |
+----------------------------------------+------+-------------+-------------+
|Net investment income                   |      |507          |208          |
+----------------------------------------+------+-------------+-------------+
|Gains on derivatives                    |      |146          |-            |
+----------------------------------------+------+-------------+-------------+
|Valuation gains on investment properties|      |2,070        |2,766        |
+----------------------------------------+------+-------------+-------------+
|Valuation losses on investment          |      |(423)        |(404)        |
|properties                              |      |             |             |
+----------------------------------------+------+-------------+-------------+
|Gain on fair value of financial assets  |      |119          |-            |
+----------------------------------------+------+-------------+-------------+
|Net valuation gains on investment       |      |1,912        |2,362        |
|properties and derivatives              |      |             |             |
+----------------------------------------+------+-------------+-------------+
|Formation expenses                      |      |-            |(115)        |
+----------------------------------------+------+-------------+-------------+
|Investment management fees              |      |(813)        |(414)        |
+----------------------------------------+------+-------------+-------------+
|Sponsor's fees                          |      |(179)        |-            |
+----------------------------------------+------+-------------+-------------+
|Administrative expenses                 |3     |(908)        |(1,071)      |
+----------------------------------------+------+-------------+-------------+
|Finance costs                           |      |(1,396)      |(164)        |
+----------------------------------------+------+-------------+-------------+
|Total expenses                          |      |(3,296)      |(1,764)      |
+----------------------------------------+------+-------------+-------------+
|Other income                            |      |139          |5            |
+----------------------------------------+------+-------------+-------------+
|Profit before tax                       |      |3,817        |4,032        |
+----------------------------------------+------+-------------+-------------+
|Income tax expense                      |      |(215)        |(686)        |
+----------------------------------------+------+-------------+-------------+
|Profit for the period                   |      |3,602        |3,346        |
+----------------------------------------+------+-------------+-------------+
|Basic and diluted earnings per Ordinary |      |3.60         |3.35         |
|Share (pence)                           |      |             |             |
+----------------------------------------+------+-------------+-------------+




Condensed Half Year Consolidated
Statement of Changes in Equity
(Unaudited)

For the period from 1 July 2007 to 31 December 2007

+----------------------+-----------+--------+--------+-------------+--------+-------+
|                      |Revaluation|Hedging |Revenue |Distributable|Foreign |Total  |
|                      |reserve    |reserve |reserve |reserve      |exchange|       |
|                      |           |        |        |             |reserve |       |
+----------------------+-----------+--------+--------+-------------+--------+-------+
|                      |£000s      |£000s   |£000s   |£000s        |£000s   |£000s  |
+----------------------+-----------+--------+--------+-------------+--------+-------+
|                      |           |        |        |             |        |       |
+----------------------+-----------+--------+--------+-------------+--------+-------+
|Balance at 1 July 2007 |7,226      |412     |-       |94,469       |(2,128) |99,979 |
+----------------------+-----------+--------+--------+-------------+--------+-------+
|                      |           |        |        |             |        |       |
+----------------------+-----------+--------+--------+-------------+--------+-------+
|Movements during the  |           |        |        |             |        |       |
|period                |           |        |        |             |        |       |
+----------------------+-----------+--------+--------+-------------+--------+-------+
|                      |           |        |        |             |        |       |
+----------------------+-----------+--------+--------+-------------+--------+-------+
|Net profit for the    |1,912      |-       |1,690   |-            |-       |3,602  |
|period                |           |        |        |             |        |       |
+----------------------+-----------+--------+--------+-------------+--------+-------+
|Fair value of         |-          |(1,452) |-       |-            |-       |(1,452)|
|derivatives           |           |        |        |             |        |       |
+----------------------+-----------+--------+--------+-------------+--------+-------+
|Dividends paid        |-          |-       |(1,690) |(310)        |-       |(2,000)|
+----------------------+-----------+--------+--------+-------------+--------+-------+
|Foreign exchange      |-          |-       |-       |-            |9,031   |9,031  |
|translation gains     |           |        |        |             |        |       |
+----------------------+-----------+--------+--------+-------------+--------+-------+
|Balance at 31 December|9,138      |(1,040) |-       |94,159       |6,903   |109,160|
|2007                  |           |        |        |             |        |       |
+----------------------+-----------+--------+--------+-------------+--------+-------+



For the period from 1 July 2006 to 31 December 2006

+----------------------+-----------+--------+--------+-------------+--------+-------+
|                      |Revaluation|Hedging |Revenue |Distributable|Foreign |Total  |
|                      |reserve    |reserve |reserve |reserve      |exchange|       |
|                      |           |        |        |             |reserve |       |
+----------------------+-----------+--------+--------+-------------+--------+-------+
|                      |£000s      |£000s   |£000s   |£000s        |£000s   |£000s  |
+----------------------+-----------+--------+--------+-------------+--------+-------+
|                      |           |        |        |             |        |       |
+----------------------+-----------+--------+--------+-------------+--------+-------+
|Balance at 1 July 2006|287        |-       |-       |98,137       |446     |98,870 |
+----------------------+-----------+--------+--------+-------------+--------+-------+
|                      |           |        |        |             |        |       |
+----------------------+-----------+--------+--------+-------------+--------+-------+
|Movements during the  |           |        |        |             |        |       |
|period                |           |        |        |             |        |       |
+----------------------+-----------+--------+--------+-------------+--------+-------+
|                      |           |        |        |             |        |       |
+----------------------+-----------+--------+--------+-------------+--------+-------+
|Net profit for the    |2,362      |-       |984     |-            |-       |3,346  |
|period                |           |        |        |             |        |       |
+----------------------+-----------+--------+--------+-------------+--------+-------+
|Fair value of         |109        |-       |-       |-            |-       |109    |
|derivatives           |           |        |        |             |        |       |
+----------------------+-----------+--------+--------+-------------+--------+-------+
|Other reserve         |-          |-       |39      |-            |-       |39     |
+----------------------+-----------+--------+--------+-------------+--------+-------+
|Dividends paid        |-          |-       |(1,023) |(1,677)      |-       |(2,700)|
+----------------------+-----------+--------+--------+-------------+--------+-------+
|Foreign exchange      |-          |-       |-       |-            |(2,492) |(2,492)|
|translation gains     |           |        |        |             |        |       |
+----------------------+-----------+--------+--------+-------------+--------+-------+
|Balance at 31 December|2,758      |-       |-       |96,460       |(2,046) |97,172 |
|2007                  |           |        |        |             |        |       |
+----------------------+-----------+--------+--------+-------------+--------+-------+



Condensed Half Year Consolidated
Balance Sheet
(Unaudited)

As at 31 December 2007
+-------------------------------+-----+--------------+-------------+
|                               |Notes|31 December   |30 June 2007 |
|                               |     |2007          |             |
+-------------------------------+-----+--------------+-------------+
|                               |     |£000s         |£000s        |
+-------------------------------+-----+--------------+-------------+
|Non-current assets             |     |              |             |
+-------------------------------+-----+--------------+-------------+
|Investment properties          |5    |153,427       |134,111      |
+-------------------------------+-----+--------------+-------------+
|Property, plant and equipment  |     |1             |2            |
+-------------------------------+-----+--------------+-------------+
|Non-group loan receivables     |     |10,047        |9,109        |
+-------------------------------+-----+--------------+-------------+
|Derivative financial           |     |553           |465          |
|instruments                    |     |              |             |
+-------------------------------+-----+--------------+-------------+
|Other investments              |6    |119           |-            |
+-------------------------------+-----+--------------+-------------+
|Other assets                   |     |359           |523          |
+-------------------------------+-----+--------------+-------------+
|Deferred tax assets            |     |597           |975          |
+-------------------------------+-----+--------------+-------------+
|                               |     |              |             |
+-------------------------------+-----+--------------+-------------+
|Current assets                 |     |              |             |
+-------------------------------+-----+--------------+-------------+
|Cash and cash equivalents      |     |7,417         |6,158        |
+-------------------------------+-----+--------------+-------------+
|Trade and other receivables    |7    |3,258         |3,572        |
+-------------------------------+-----+--------------+-------------+
|Total assets                   |     |175,778       |154,915      |
+-------------------------------+-----+--------------+-------------+
|                               |     |              |             |
+-------------------------------+-----+--------------+-------------+
|Current liabilities            |     |              |             |
+-------------------------------+-----+--------------+-------------+
|Trade and other payables       |8    |5,231         |3,941        |
+-------------------------------+-----+--------------+-------------+
|                               |     |              |             |
+-------------------------------+-----+--------------+-------------+
|Non-current liabilities        |     |              |             |
+-------------------------------+-----+--------------+-------------+
|Deferred tax liability         |     |3,245         |3,215        |
+-------------------------------+-----+--------------+-------------+
|Long term loan                 |     |56,709        |47,762       |
+-------------------------------+-----+--------------+-------------+
|Derivative financial           |     |1,433         |18           |
|instruments                    |     |              |             |
+-------------------------------+-----+--------------+-------------+
|Total liabilities              |     |66,618        |54,936       |
+-------------------------------+-----+--------------+-------------+
|Net assets                     |     |109,160       |99,979       |
+-------------------------------+-----+--------------+-------------+
|                               |     |              |             |
+-------------------------------+-----+--------------+-------------+
|Equity                         |     |              |             |
+-------------------------------+-----+--------------+-------------+
|Share capital                  |     |-             |-            |
+-------------------------------+-----+--------------+-------------+
|Reserves                       |     |109,160       |99,979       |
+-------------------------------+-----+--------------+-------------+
|Total equity                   |     |109,160       |99,979       |
+-------------------------------+-----+--------------+-------------+
|                               |     |              |             |
+-------------------------------+-----+--------------+-------------+
|                               |     |              |             |
+-------------------------------+-----+--------------+-------------+
|Number of Ordinary Shares      |     |100,000       |100,000      |
|(thousands)                    |     |              |             |
+-------------------------------+-----+--------------+-------------+
|Net Asset Value per Ordinary   |     |109.16p       |99.98p       |
|Share (pence)                  |     |              |             |
+-------------------------------+-----+--------------+-------------+

Charles Hunter
Chairman
28 February 2008

John Marren
Director
28 February 2008



Condensed Half Year Consolidated
Statement of Cash Flows
(Unaudited)


For the period from 1 July 2007 to 31 December 2007
+----------------------------------------------+---------+---------+
|                                              |1 July   |1 July   |
|                                              |2007 to  |2006 to  |
|                                              |31       |31       |
|                                              |December |December |
|                                              |2007     |2006     |
+----------------------------------------------+---------+---------+
|                                              |£000s    |£000s    |
+----------------------------------------------+---------+---------+
|Operating activities                          |         |         |
+----------------------------------------------+---------+---------+
|Profit before tax                             |3,817    |4,032    |
+----------------------------------------------+---------+---------+
|Adjustments for:                              |         |         |
+----------------------------------------------+---------+---------+
|Unrealised gain on revaluation of investment  |(1,912)  |(2,362)  |
|property and derivatives                      |         |         |
+----------------------------------------------+---------+---------+
|Decrease in trade and other receivables       |1,180    |1,954    |
+----------------------------------------------+---------+---------+
|Increase in trade and other payables          |1,680    |3,908    |
+----------------------------------------------+---------+---------+
|Investment income                             |(327)    |(132)    |
+----------------------------------------------+---------+---------+
|Bank interest                                 |(83)     |(88)     |
+----------------------------------------------+---------+---------+
|Interest expenses                             |1,396    |165      |
+----------------------------------------------+---------+---------+
|Net foreign exchange gains                    |(98)     |(16)     |
+----------------------------------------------+---------+---------+
|Other                                         |39       |61       |
+----------------------------------------------+---------+---------+
|Net cash generated from operations            |5,692    |7,522    |
+----------------------------------------------+---------+---------+
|                                              |         |         |
+----------------------------------------------+---------+---------+
|Investment income received                    |327      |-        |
+----------------------------------------------+---------+---------+
|Interest paid                                 |(851)    |(45)     |
+----------------------------------------------+---------+---------+
|Interest received                             |88       |192      |
+----------------------------------------------+---------+---------+
|Tax paid                                      |(315)    |(654)    |
+----------------------------------------------+---------+---------+
|Net cash inflow from operating activities     |4,941    |7,015    |
+----------------------------------------------+---------+---------+
|                                              |         |         |
+----------------------------------------------+---------+---------+
|Investing activities                          |         |         |
+----------------------------------------------+---------+---------+
|Acquisition of investment properties          |(6,604)  |(29,561) |
+----------------------------------------------+---------+---------+
|Acquisition of other investments              |39       |-        |
+----------------------------------------------+---------+---------+
|Proceeds from disposal of subsidiaries        |-        |1,585    |
+----------------------------------------------+---------+---------+
|Loans to Group companies                      |-        |(10,850) |
+----------------------------------------------+---------+---------+
|Loan to third party                           |(108)    |-        |
+----------------------------------------------+---------+---------+
|Net cash outflow from investing activities    |(6,673)  |(38,826) |
+----------------------------------------------+---------+---------+
|                                              |         |         |
+----------------------------------------------+---------+---------+
|Financing activities                          |         |         |
+----------------------------------------------+---------+---------+
|Finance costs                                 |40       |-        |
+----------------------------------------------+---------+---------+
|Calyon loan facility                          |4,592    |18,865   |
+----------------------------------------------+---------+---------+
|Dividends paid                                |(2,000)  |(2,700)  |
+----------------------------------------------+---------+---------+
|Net cash inflow from financing activities     |2,632    |16,165   |
+----------------------------------------------+---------+---------+
|                                              |         |         |
+----------------------------------------------+---------+---------+
|Effect of exchange rate fluctuations on cash  |359      |(492)    |
|held                                          |         |         |
+----------------------------------------------+---------+---------+
|Increase/(decrease) in cash and cash          |1,259    |(16,138) |
|equivalents                                   |         |         |
+----------------------------------------------+---------+---------+
|Cash and cash equivalents at start of period  |6,158    |22,077   |
+----------------------------------------------+---------+---------+
|Cash and cash equivalents at end of period    |7,417    |5,939    |
+----------------------------------------------+---------+---------+




Notes to the Condensed Half Year
Consolidated Financial Statements
(Unaudited)

For the period 1 July 2007 to 31 December 2007

1. Operations

AXA Property Trust Limited (the 'Company') is a limited liability, closed-ended
investment company incorporated in Guernsey. The Company invests in commercial
properties in Europe which are held through its subsidiaries. The Condensed Half
Year Financial Statements of the Company for the six month period ended 31
December 2007 comprise the Consolidated Financial Statements of the Company and
its subsidiaries (together referred to as the 'Group').


2. Principal Accounting Policies

(a) Statement of compliance

The Condensed Half Year Financial Statements have been prepared in accordance
with International Financial Reporting Standards ('IFRS') issued by, or adopted
by, the International Accounting Standards Board (the 'IASB'), interpretations
issued by the International Financial Reporting Interpretations Committee,
applicable legal and regulatory requirements of Guernsey Law, the Disclosure and
Transparency Rules and the Listing Rules of the UK Listing Authority.

In the current financial year, the Group has adopted IFRS 7, Financial
Instruments: Disclosures for the first time. As IFRS 7 is a disclosure standard,
there is no impact on the Condensed Half Year Financial Statements. Full details
will be disclosed in the annual report for the year ended 30 June 2008.

(b) Basis of preparation

The Condensed Half Year Financial Statements have been prepared in accordance
with the Disclosure Transparency Rules of the Financial Services Authority and
with IAS 34, 'Interim Financial Reporting'.

The same accounting policies and methods of computation have been applied to the
Condensed Half Year Consolidated Financial Statements as in the annual financial
statements at 30 June 2007.

The Condensed Half Year Financial Statements are presented in Sterling which is
also the functional currency of the Company. The Condensed Half Year Financial
Statements have been prepared on a historical cost basis except for the
measurement of the investment properties, derivative financial instruments and
financial assets designated at fair value through profit or loss.

The preparation of the Condensed Half Year Financial Statements in conformity
with IFRS requires management to make judgements, estimates and assumptions that
affect the application of policies and the reported amounts of assets and
liabilities, income and expense. The estimates and associated assumptions are
based on historical experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis of
making the judgements about carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ from those
estimates.


3. Administrative Expenses and Directors' Fees

+------------------------+-------------+-----------+
|                        |1 July 2007  |1 July 2006|
|                        |to 31        |to 31      |
|                        |December 2007 |December   |
|                        |             |2006       |
+------------------------+-------------+-----------+
|                        |£000s        |£000s      |
+------------------------+-------------+-----------+
|Directors' fees         |49           |47         |
+------------------------+-------------+-----------+
|Administration fees     |170          |92         |
+------------------------+-------------+-----------+
|Audit fees              |111          |174        |
+------------------------+-------------+-----------+
|Acquisition costs       |-            |168        |
+------------------------+-------------+-----------+
|Legal and professional  |310          |228        |
|fees                    |             |           |
+------------------------+-------------+-----------+
|Commitment fees         |66           |-          |
+------------------------+-------------+-----------+
|General Expenses        |202          |362        |
+------------------------+-------------+-----------+
|Total                   |908          |1,071      |
+------------------------+-------------+-----------+


Each of the Directors of the Company receives a fee of £15,000 per annum from
the Company. The Chairman receives a fee of £20,000 per annum. The aggregate
remuneration and benefits in kind of the Directors in respect of the period
ending 31 December 2007 amounted to £40,000 (2006: £40,000) in respect of the
Company and £49,067 (2006: £46,773) in respect of the Group.


4. Dividends

+------------------------+-------------+-----------+------------+------------+
|                        |No. of       |Rate       |1 July 2007 |1 July 2006 |
|                        |Ordinary     |           |to 31       |to 31       |
|                        |shares       |           |December    |December    |
|                        |             |           |2007        |2006        |
+------------------------+-------------+-----------+------------+------------+
|                        |             |pence      |£000s       |£000s       |
+------------------------+-------------+-----------+------------+------------+
|Dividend paid 4         |100,000,000  |1.45       |-           |1,450       |
|September 2006          |             |           |            |            |
+------------------------+-------------+-----------+------------+------------+
|Dividend paid 15        |100,000,000  |1.25       |-           |1,250       |
|December 2006           |             |           |            |            |
+------------------------+-------------+-----------+------------+------------+
|Dividend paid 29 August |100,000,000  |1.00       |1,000       |-           |
|2007                    |             |           |            |            |
+------------------------+-------------+-----------+------------+------------+
|Dividend paid 30        |100,000,000  |1.00       |1,000       |-           |
|November 2007           |             |           |            |            |
+------------------------+-------------+-----------+------------+------------+
|Total                   |             |           |2,000       |2,700       |
+------------------------+-------------+-----------+------------+------------+

A further dividend of £1,000,000 (1 pence per share) was approved by the Board
of Directors on 7 February 2008. The ex-dividend date was 13 February 2008 and
the payment date was 29 February 2008.


5. Investment Properties

+-----------------------------------------+-------------+-------------+
|                                         |1 July 2007  |1 July 2006  |
|                                         |to 31        |to 31        |
|                                         |December 2007|December 2006|
+-----------------------------------------+-------------+-------------+
|                                         |£000s        |£000s        |
+-----------------------------------------+-------------+-------------+
|Cost of investment properties at         |128,169      |77,152       |
|beginning of period                      |             |             |
+-----------------------------------------+-------------+-------------+
|Additions during the period at cost      |4,098        |61,147       |
+-----------------------------------------+-------------+-------------+
|Disposal proceeds during the period      |-            |(10,130)     |
+-----------------------------------------+-------------+-------------+
|Cost of investment properties at end of  |132,267      |128,169      |
|period                                   |             |             |
+-----------------------------------------+-------------+-------------+
|Fair value adjustments                   |9,548        |7,901        |
+-----------------------------------------+-------------+-------------+
|Foreign exchange translation             |11,612       |(1,959)      |
+-----------------------------------------+-------------+-------------+
|Market value of investment properties at |153,427      |134,111      |
|end of period                            |             |             |
+-----------------------------------------+-------------+-------------+



6. Other Investments

+-----------------------------------------+-------------+-------------+
|                                         |1 July 2007  |1 July 2006  |
|                                         |to 31        |to 31        |
|                                         |December 2007|December 2006|
+-----------------------------------------+-------------+-------------+
|                                         |£000s        |£000s        |
+-----------------------------------------+-------------+-------------+
|Financial assets designated at fair value|-            |-            |
|through profit or loss                   |             |             |
+-----------------------------------------+-------------+-------------+
|Additions during the period              |-            |1,016        |
+-----------------------------------------+-------------+-------------+
|Fair value adjustments                   |119          |(1,016)      |
+-----------------------------------------+-------------+-------------+
|Total                                    |119          |-            |
+-----------------------------------------+-------------+-------------+



7. Trade and Other Receivables

+-----------------------------------------+-------------+-------------+
|                                         |1 July 2007  |1 July 2006  |
|                                         |to 31        |to 31        |
|                                         |December 2007|December 2006|
+-----------------------------------------+-------------+-------------+
|                                         |£000s        |£000s        |
+-----------------------------------------+-------------+-------------+
|Accrued income                           |336          |292          |
+-----------------------------------------+-------------+-------------+
|VAT receivable                           |823          |2,095        |
+-----------------------------------------+-------------+-------------+
|Rent receivable                          |290          |139          |
+-----------------------------------------+-------------+-------------+
|Prepayments                              |1,383        |749          |
+-----------------------------------------+-------------+-------------+
|Tax receivable                           |299          |119          |
+-----------------------------------------+-------------+-------------+
|Other receivables                        |127          |178          |
+-----------------------------------------+-------------+-------------+
|Total                                    |3,258        |3,572        |
|                                         |             |             |
|                                         |             |             |
+-----------------------------------------+-------------+-------------+



8. Trade and Other Payables

+---------------------------------+--------+-------------+-------------+
|                                 |        |1 July 2007  |1 July 2006  |
|                                 |        |to 31        |to 31        |
|                                 |        |December 2007|December 2006|
+---------------------------------+--------+-------------+-------------+
|                                 |Notes   |£000s        |£000s        |
+---------------------------------+--------+-------------+-------------+
|Property acquisition costs       |        |182          |484          |
+---------------------------------+--------+-------------+-------------+
|Investment Manager's fee         |        |795          |1,066        |
+---------------------------------+--------+-------------+-------------+
|Legal and professional fees      |9       |251          |358          |
+---------------------------------+--------+-------------+-------------+
|Rent prepaid                     |        |177          |181          |
+---------------------------------+--------+-------------+-------------+
|Audit fee                        |        |106          |174          |
+---------------------------------+--------+-------------+-------------+
|VAT payable                      |        |1,923        |750          |
+---------------------------------+--------+-------------+-------------+
|Sponsor's fees                   |        |13           |124          |
+---------------------------------+--------+-------------+-------------+
|Tax                              |        |135          |51           |
+---------------------------------+--------+-------------+-------------+
|Administration and company       |9       |93           |72           |
|secretarial fees                 |        |             |             |
+---------------------------------+--------+-------------+-------------+
|Directors' fees                  |        |20           |2            |
+---------------------------------+--------+-------------+-------------+
|Interest payable on Calyon loan  |        |545          |318          |
+---------------------------------+--------+-------------+-------------+
|Other                            |        |991          |361          |
+---------------------------------+--------+-------------+-------------+
|Total                            |        |5,231        |3,941        |
+---------------------------------+--------+-------------+-------------+



9. Related Party Transactions

Mr. Farrell, a director of the Company, is also a partner of Ozannes, the
Guernsey legal advisers to the Company. The total charge to the Income Statement
during the period in respect of Ozannes' legal fees was £713 (2006: £2,230)
which was settled in full during the period (2006 creditor: nil).

Mr. Marren, a director of the Company, is also a director of Northern Trust
International Fund Administration Services (Guernsey) Limited ('Northern
Trust'), the Administrator, Secretary and Registrar for the Company. The total
administration fees charged to the Income Statement in respect of Northern Trust
administration fees was £81,001 (2006: £82,179) for the period of which £40,012
(2006: £51,504) remained payable at the period end.


10. Post Balance Sheet Events

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.


11. Contingent Liabilities

The joint venture Property Trust Agnadello s.r.l. is committed to carry out
repairs and improvements to enhance the capital value of the building at an
estimated cost of £1.7 million (€2.5 million) for which the Group will provide
50% of the funding. £0.2 million (€0.3 million) costs had been incurred and
recorded as a creditor at 31 December 2007. Payment of the full amount is
anticipated in the first half of 2008.



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