Punch Taverns has agreed a deal to sell 11 managed pubs to Greene King for £30.4m.
The freehold pubs comprise seven in London and include the Bunch of Grapes in Knightsbridge and St. Margaret's in Twickenham and four are in Scotland including the Burnbrae in Bearsden, near Glasgow.
Punch said at 7 March 2009, the pubs had a book value of £32.7m.
The pubs generated earnings before interest and tax of £3.55m and the purchase is expected to be earnings enhancing for Greene King in the first full year.
Giles Thorley, chief executive of Punch Taverns, said: 'This transaction is in line with our stated strategy of increasing free cash flow and reducing the overall level of our debt, whilst seeking to maintain investment in our high-quality pub estate.'
Greene King said its purchase will be financed from the funds raised by the company's recent rights issue and is expected to complete on 1st July 2009.