Portfolio Update

AXA Property Trust Ld
03 January 2007


To: RNS
From: AXA Property Trust
Date: 03 January 2007

Listing Rule 15

In accordance with paragraph 15.4.11 (ii) of the Listing Rules, AXA Property
Trust Limited announces its ten largest investments, including all investments
with a value greater than 5% of its gross assets, as at 31 December 2006:

                                                                    % of total
     Country       Location                        Status               assets

 1   Germany       Phoenix Centre, Fuerth          Completed             16.90%
 2   Italy         Multiplex, Curno, Bergamo       Completed             11.50%
 3   Italy         SS Bergamina, Agnadello         Completed              9.30%
 4   Germany       Am Birkfeld, Dasing             Completed              7.00%
 5   Netherlands   Smakterweg, Venray              Completed              6.80%
 6   Germany       Bahnhofstrasse, Karben          Completed              6.50%
 7   Germany       Ruednitzer Chaussee, Bernau     Completed              6.30%
 8   Germany       Nuernberger Strasse,            Completed              4.90%
                   Treuchtlingen
 9   Belgium       Keyser Center, Antwerp          Completed              4.80%
10   Germany       Frankfurter Strasse,            Completed              3.80%
                   Wuerzburg



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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