Official reports have confirmed that Macquarie Group has gone ahead and sold its stakes and management rights in its real estate fund management unit to Charter Hall Group, as the bank continues to break away from its listed funds model.

Post the completion of the $297 Million deal, Macquarie will be left with a mere three listed businesses on the ASX, as compared to the 10 previously listed.

The management rights, as per Macquarie's agreement, will be sold to as many as 5 property trusts, which also include two listed trusts, for $108 Million, and its stakes in three trusts are being sold to Charter Hall for a total of $189 Million.

In return for the stake, the groups will take over a 10% stake in Charter Hall for $85 Million.

After the deal, Charter Hall, which was once a small-to-medium developer and fund manager, will now emerge as a strong group, with a portfolio of over 300 properties across Australia and North America.