Nearly 60% -- more than $5bn -- of the capital raised by Australian listed property trusts in the last three months came from new offshore and local investors.

Deutsche Bank's real estate team said there had been a shift in the investor base of the leading property trusts.

The team, now the largest player in real estate financing in Australia, said about 60 per cent of the capital raised, totalling $8.4bn since March, came from non-traditional investors who had been underweight in the sector.

'We are seeing a lot of new capital coming into the property sector. The money is not coming from Australian-based property securities managers,' said Hugh Macdonald, the bank's co-head of real estate.

The Australian