Poste Italiane, the Italian postal services group, has put its Milan headquarters up for sale. The minimum bid for the historical building in the centre of Milan is EUR 50 mln, the state-owned group said, with the bidding process planned to close on March 25.

The office building, located on Piazza Cordusio, on the corner with Via Orefici, is currently owned by Le Poste Italiane through its Europa Gestioni Immobiliari vehicle. Built in the early 1900s, the building was designed by architect Luigi Broggi to house the Milan stock exchange. It has been occupied by Le Poste since the 1930s and currently offers some 10,500 m2 of office space. The postal company expects to leave the premises within four year after a potential sale.

The move marks the second bid by Le Poste to sell the building, after last year's attempt failed to raise investor interest amid challenging market conditions.