(Adds details, background) April 27 (Reuters) - Australian...

(Adds details, background)

April 27 (Reuters) - Australian wealth manager AMP Ltd (AMP) will sell the real estate and domestic infrastructure equity business of its asset management unit, AMP Capital, to Dexus (DXS) for up to A$550 million ($392.8 million), the companies said on Wednesday.

The deal includes A$250 million in upfront cash payment and an earn-out consideration of up to A$300 million subject to factors including the successful transition of assets under management (AUM), the firms said in separate statements.

AMP said, however, it was unlikely it would receive the full earn-out given an expected loss of AUM from AMP Capital, now called Collimate Capital, of about A$3.0 billion.

Dexus, an Australian real estate firm, will also buy AMP's existing and committed sponsor stakes in AMP Capital for up to A$450 million.

The deals pivot the 172-year-old AMP away from its plan to demerge AMP Capital, and instead will opt to sell parts of the unit. (https://reut.rs/36OlpZo)

"The transaction will unlock value for AMP shareholders," the embattled wealth manager said, adding that it would use proceeds of the sales to pay down debt and return capital to investors.

AMP, which is trying to turn itself around after a series of scandals that led to a drop in earnings, said it also remains in talks on AMP Capital's international infrastructure equity business after getting several acquisition enquiries.

($1 = 1.4004 Australian dollars)