Castellum is selling a SEK1.7bn (€167.7m) property portfolio to Swedish real estate manager Oscar Properties.

Rutger Arnhult, chairman of the board of Castellum, said the sale of the 16 properties in Stockholm, Öresund, Norrköping and Västerås is in line with the company’s strategy, and at the same time provides the firm with a cash injection that further strengthens its financial muscles for the proposed merger with Kungsleden.

Last month, Castellum made a SEK26.9bn offer for Kungsleden, a listed Swedish property group.

Castellum is one of the Nordic region’s largest listed real estate companies with a property value of approximately SEK97bn.

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