Great Portland makes £61m sale

Great Portland Estates (GPE) has sold 90 Queen Street on the corner of Cheapside in the City for £61m. The west end-focused developer said yesterday that it has exchanged contracts to sell the office building to a vehicle owned by German fund manager Warburg-Henderson. The 68,438 square feet property is mainly let to the Brazilian bank Intesa Sanpaolo and was first bought by GPE in 2009 for £45.8m. The sale reflects an initial yield of 5.39 per cent.