Oxford Properties is selling 40% of around A$4.5bn (€2.8bn) worth of assets in Australia held in the former Investa Office Fund.

The property arm of Canadian pension fund OMERS - which outbid Blackstone in a A$3.5bn offer for the trust in December last year - is selling 11 non-core properties valued at more than A$1.8bn.

Alec Harper, director, investments and asset management, Australia, Oxford, said: “We have carefully identified a collection of high quality, well-located properties for sale that we believe will be very attractive to the market.

“This will enable our team to focus on the assets that most closely align with Oxford’s overall global investment strategy.”

Harper said the sale provided Oxford the opportunity to recycle sale proceeds to fund growth in its existing portfolio, as well as future acquisitions of on-strategy, premier assets in Australia’s gateway cities.

With advisers, Oxford Properties undertook a review of the assets to sell buildings considered non-core.

It has selected five buildings in Brisbane, one in Canberra, two in North Sydney and two in central Sydney including its 50% stake in Piccadilly Complex, which the former IOF acquired for A$194.25m in 2014.

Another building in Perth, also part of the collection, was sold last month for A$72m.

After paring back the portfolio, Oxford Properties will retain mostly Sydney central business district buildings, including Deutsche Bank Place, at 126 Philip Street and two office blocks in Melbourne CBD.

Oxford Properties has appointed Cushman & Wakefield to launch a global marketing campaign.