SandpiperCI sells 5 supermarkets in the Channel Islands

SandpiperCI, a retail operator partially owned by property fund manager Europa Capital and buyout group Duke Street, has announced that contracts have been exchanged for the sale of its five large supermarket developments to retail chain Waitrose. The financial details were not disclosed.

Three supermarkets are located in Jersey and two in Guernsey. They will provide over 130,000 sq ft (12,000 m2) of selling space on completion expected to take place in early 2011.

SandpiperCI, which was bought by Duke Street and Europa Capital in July 2007, has made a number of disposals over the past three years, in line with the owners' plan to refocus the company on its core activities. Following this sale, SandpiperCI will continue to operate its remaining 28 grocery stores in the Channel Islands.

'This latest transaction forms part of our ongoing strategy to reshape the SandpiperCI business and to reposition its activities,' said Charlie Troup, partner at Duke Street.

SandpiperCI chief executive Tony O’Neill, added: 'The performance of our supermarkets over the last three years has been very encouraging. However, now is the time to hand them on to a larger operator, which will allow us to focus on the development of our smaller stores.'

SandpiperCI was advised on the transaction by McQueen.