Portfolio Update

AXA Property Trust Ld
04 July 2006


To: RNS
From: AXA Property Trust
Date: 7 July 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 on 23 May 2005 is invested in certificates of deposit, pending
investment in properties. Property assets represent 78.9% total assets. The
schedule includes a number of property assets where contracts for purchase have
been exchanged but transactions have not yet been completed.

Property Assets:                                                          % of
                                                                          total
                                                                          assets
Country         Location                                       Status
Italy           SS Bergamina, Agnadello                        Completed   21.4%
Germany         Phoenix Centre, Fuerth                         Completed   18.7%
Netherlands     Smakterweg, Venray                             Completed    7.3%
Germany         Ruednitzer Chaussee, Bernau                    Completed    6.9%
Belgium         Keyser Center, Antwerp                         Completed    5.2%
Germany         Frankfurter Strasse, Wuerzburg                 Completed    4.1%
Germany         Buergermeister-Hess-Strasse, Muehldorf am Inn  Completed    4.0%
Germany         Landshuter Strasse, Moosburg                   Completed    3.6%
Germany         Eppinger Strasse, Kraichtal                    Completed    3.3%
Germany         Die Weidenbach, Altenstadt-Lindheim            Completed    2.8%




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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