Property investor NewRiver REIT said it had acquired pub company Bravo Inns for £17.9m.
The company said the deal price represented an Ebtida multiple of 6.8 times.
Bravo Inns owned 44 wet-led community pubs, predominantly located in North West England.
'The UK pub sector has experienced a recent revival in transaction activity and, as an early investor into community pubs, we have been tracking the success of Bravo Inns for some time,' chief financial officer Mark Davies said.
'The transaction will increase our portfolio weighting in community pubs and demonstrates the value of our Hawthorn Leisure platform in identifying acquisitions that can deliver higher yielding sustainable cashflows with scale driven synergies.'