Camp Taji, a U.S.-led coalition training facility in Iraq with $347 million of equipment and property, was transferred to the Iraq Security Forces, U.S. officials said.

In a ceremony on Sunday, coalition troops withdrew from the military base, 12 miles north of Baghdad, and handed it over to Iraqi forces, Combined Joint Task Force- Operation Inherent Resolve said in a statement.

Over 47,000 soldiers were trained at the base, by 2,000 coalition troops. Most recently, it was used by personnel of the United States, Australia and New Zealand to train Iraqi troops.

The transfer is part of a coalition policy of withdrawing from bases and leaving them to Iraqi forces.

"The handover took place after the completion of the coalition mission to train security forces, which were submitted at the request of the Iraqi government in 2014," said Maj. Gen. Tahsin al-Khafaji of Iraq's Joint Ops Command.

"The Joint Ops have a timetable in receiving the sites occupied by the coalition forces, as the Taji site has come under the control of the Iraqi forces," al-Khafaji said on Monday.

"This is what success looks like," said Brig. Gen.Simon Johnstone of the Australian Defense Force. "The transfer of bases like Taji is part of our campaign plan for the ISF to secure their own future and their own sovereignty."

The estimated value of the camp and its military equipment, $347 million, is the highest dollar value of any transfer made by the coalition to the Iraqi government. It includes improved airfields, aircraft shelter buildings, infantry training ranges and over 90 million rounds of ammunition, the OJTF said.

"This is truly an historic day," said Maj. Gen. Kenneth Ekman, OJTF deputy commander. "From this day forward, the ISF will take full responsibility for the facilities and programs at Taji and continue to use the site to lead and conduct training as part of the mission to defeat Daesh [Islamic State] remnants."

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