Brewery Marston's says it has sold 279 of its pubs to an aAIM Group-owned property fund for £82.5 million.
The fee paid by Piccadilly Licensed Properties (PLP) for the tenanted pubs will be initially used to reduce Marston's debts.
PLP's investors include Manchester United manager Sir Alex Ferguson and music industry mogul Simon Cowell.
The 279 pubs, which have a gross asset value of £81.1 million, generated pre-tax profits of £7.5 million for Marston's in the 12 months ending September 2006.
"The effects of this disposal are to increase the average quality of our tenanted and leased estate," the brewery's chief executive Ralph Findlay commented.
Mr Findlay continued that the sale would place the firm in a "better position to take advantage of positive market trends, including growth in pub dining".
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