Independent News & Media has begun a process to sell its city centre premises in Middle Abbey Street in a move that could raise up to €20 million for the group.

The media firm, which earlier this year began a €315 million recapitalisation process to cut its debt, has contracted the estate agent Hamilton Osbourne King to conduct the sale process.

The Middle Abbey Street property is considered one of the prime retail sites in Dublin city centre because of its proximity to Arnotts and the Luas.

It is believed that the company has written to property developers and neighbouring retailers informing them of the sale.

Independent is seeking an alternative city centre site for staff working at Middle Abbey Street.

The sale of Middle Abbey Street is part of the media group's strategy to reduce its nett debt to below the €1 billion mark.

Earlier this year Independent announced a €103 million rights issue and the sale of its British regional newspaper business for €88 million.

Last week the firm bid €57 million for Trinity Mirror Group's Northern Irish titles, excluding the Belfast-based News Letter.