Portfolio Update

AXA Property Trust Ld
04 April 2006


To:   RNS
From: AXA Property Trust
Date: 4 April 2006


Listing Rule 15

In accordance with paragraph 15.4.11 (2) of the Listing Rules, AXA Property
Trust Limited announces its investments as at 31 March 2006. As indicated in the
Company's Prospectus and announced previously, a portion of the net proceeds of
the issue is invested in certificates of deposit, pending investment in
properties.

                                                               % of total
                                                                   assets
Property assets:
Country       Location                          Status
Italy         SS Bergamina, Agnadello           Completed           15.1%
Germany       Phoenix Centre, Fuerth            Contracted          13.5%
Netherlands   Smakterweg, Venray                Completed            5.0%
Germany       Bahnhof Strasse, Karben           Contracted           4.9%
Germany       Ruednitzer Chaussee, Bernau       Contracted           4.3%
Germany       Nuernberger Strasse,              Contracted           3.8%
              Treuchtlingen
Germany       Frankfurter Strasse, Wuerzburg    Contracted           2.8%
Germany       Buergermeister-Hess-Strasse,      Completed            2.7%
              Muehldorf am Inn

Certificates of Deposit:
Societe Generale                                                    10.8%
Nordea Bank Finland plc                                             11.4%


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]



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