Australia's Charter Hall Retail REIT has declared that it has finished the takeover of two retail companies.

The names of the two are- Manuka Terrace and Mile End Homemaker Centre. For the acquisition, Charter Hall had to spend $69.8 million. At this rate, the average yield comes to 9.5 per cent excluding the acquisition costs.

The real estate investment trust has funded the whole deal with its existing cash reserves and its total debt capacity.

Both the companies in question dealt with retailing of bulk goods. Mile End Homemaker Centre is situated in Adelaide and Manuka Terrace has its shopping center in affluent suburb of Canberra.

Mile End Homemaker Centre has been in business for five years after its center started functioning in 2005. Manuka, started to function in 2000.

The two parties have been doing good business. They were taken-over since the trust is going through a restructuring process.

Charter was earlier known as Macquarie Group. It went for renaming earlier this month after the Group agreed to sell its management rights in Macquarie Countrywide Trust to Charter Hall Group.