CI Traders, the Channel Islands conglomerate, has been bought by Duke Street Capital and Europa Capital in a £401m deal.

As tipped by Property Week (6 July 2007) the acquisition of CI Traders - the AIM-listed property, retail, hospitality, manufacturing and distribution group – completed this week.

Duke Street Capital and Europa Capital are backing a management team which will be led by incoming Chief Executive, Tony O'Neill.

The joint venture vehicle between the European real estate fund manager Europa Duke Street Capital, and HBOS is a Jersey-based company called Sandpiper and was advised by DTZ.

CI Traders is the result of the merger in 2002 of two of the Channel Islands' biggest companies, Ann Street Group and Le Riche Group. This gave it the Channel Islands' Marks & Spencer franchise and the Checkers superstore chain.

In 2004 it bought property company ComProp, which owns £100m of investment property and is developing a 25 acre, mixed-use site, Admiral Park, in Guernsey.

The proposal for Sandpiper to take over CI Traders was accepted by more than 94% of the shares voting at the meeting to consider the offer.