Portfolio Update

AXA Property Trust Ld
04 January 2006


To: RNS
From: AXA Property Trust
Date: 4 January 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 December 2005. As indicated in
the Company's Prospectus and announced previously, a portion of the net proceeds
of the issue on 23 May 2005 is invested in certificates of deposit, pending
investment in properties. The schedule excludes a number of property assets
where contracts for purchase have been exchanged but transactions have not yet
been completed.

                                                        % Total Assets
Certificates of Deposit
Nordea Bank Finland plc                                        15.7
NordDeutsche Landesbank Girozentrale                           15.7
Lloyds TSB Bank plc                                            15.7
Northern Rock plc                                              12.5
Societe Generale                                               12.0
UniCredito                                                     11.0

Property assets
Netherlands: Venray                                             6.6
Germany: Moosburg                                               3.2


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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