Macquarie Group has agreed to sell the majority of its Australian real estate management platform to Charter Hall Group in a deal that will bring the specialist realty fund manager's total assets under management to over A$10 billion ($8.8 billion).

Under the arrangement, Macquarie will hold 10 per cent of CHC's securities, while the rest will be paid in cash. The platform includes Macquarie Office Trust, Macquarie CountryWide Trust, Macquarie Direct Property Fund, Macquarie Martin Place Trust, and Macquarie Property Income Fund. CHC will also acquire the asset service and property management businesses that are linked with the funds, including a part of Macquarie's co-investment holdings. The latter will keep a 6 per cent and 4 per cent interest in MOF and MCW, respectively.

"Consistent with our strategy regarding the listed specialist funds business, Macquarie has undertaken a process to explore alternatives in relation to the future of Macquarie’s Australian real estate platform and maximise value for investors," said Nicholas Moore, the managing director and chief executive officer of Macquarie, in a statement.

"As a result of this process, Macquarie has identified Charter Hall as a partner with a specialised real estate capability which Macquarie believes will be attractive for fund stakeholders."

The company said the transaction is likely to create a A$30 million impact on its 2010 profit.