Statement re Level of Gearing

AXA Property Trust Ld
08 September 2006


08 September 2006

AXA Property Trust Limited

Change in Gearing

The Board of AXA Property Trust Limited (the 'Company') announces that it has
resolved to allow the Company's  investment manager, AXA Investment Managers UK,
to increase the level of gearing in the Company from the current level  of 35
per cent. to a level of up to 45 per cent. of the value of the Company's
property portfolio calculated at the  time of each drawdown.

The decision to permit an increase in the level of gearing can be attributed to:


   •The availability of good quality investment stock at competitive prices;

   •The difference between financing costs and returns from European real
    estate; and

   •Increased optimism for rental growth in Europe, which, when combined with
    the availability of funds for investment in real estate across Europe, may
    result in further yield compression.


The 45 per cent. gearing level is within the borrowing limit in the Company's
Articles which permit a maximum level of gearing of up to 50 per cent. of the
Company's property portfolio value at the time of drawdown. The Board will
continue to keep the level of gearing under review.

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]

Fax: [phone]



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