Macquarie Group agreed to sell stakes in real-estate funds and the rights to manage them for A$297m as the Australian investment bank moves away from its listed funds model.

Australian property fund company Charter Hall Group will pay A$108m for the management rights of two listed funds -- Macquarie Office Trust and Macquarie CountryWide Trust -- and another three unlisted funds, Charter Hall said in a statement today. Sydney-based Charter Hall will also buy stakes in those funds from Macquarie for A$189m.

Macquarie, known for buying assets, pooling them into funds and earning fees for managing them, is shifting to traditional financial services as global markets recover.