Pengana Capital has appointed Deutsche Bank’s former head of real estate investment banking to a newly-created role sitting between its property teams in Sydney and London.

Tim Shaw started at Pengana last Monday, co-ordinating research and operations between global head of property Stuart Stuckey’s London team, and the Sydney team overseen by Mark Thorpe-Apps. The creation of Shaw’s role recognised the globalisation of the listed property asset class, where half of Australian LPTs’ assets are now outside the country, according to Pengana institutional business consultant Denis Carroll. Pengana manages almost $870 million in an Australian LPT fund and $70 million in a global long/short LPT fund. Carroll said Pengana held “;market weights”; in the devastated Centro LPTs but would “;wait and see’ before deciding whether to crystallise losses from those holdings.