Issue of Equity

Axa Property Trust Ltd
23 May 2005


23 May 2005

AXA Property Trust Limited

AXA Property Trust Limited announces that its initial issued share capital is 
100 million shares.

89,816,350 Ordinary Shares have been issued pursuant to the Placing and
10,183,650 Ordinary Shares have been issued  pursuant to the Offer for
Subscription. These Ordinary Shares will be admitted to the Official List of the
UK Listing  Authority and to trading on the London Stock Exchange's market for
listed securities at 8.00 am this morning, 23 May  2005.

Enquiries:

Simon Ellis/Steve Smith/Hitesh Patel
AXA IM UK Limited                                          Tel: [phone]

Charlie Ricketts /Will Rogers
UBS Limited                                                 Tel: [phone]

Guernsey International Fund Managers Limited
As Company Secretary to AXA Property Trust Limited          Tel: [phone]






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