Punch Taverns has announced the sale of five pubs to Isle of Weight based company Manica Properties for £9.7 million. The pubs to be sold are freehold outlets located in central London and the agreement is expected to complete on June 30th. In a statement, Punch said that, for the financial year ended August 17th 2013, the pubs being disposed of generated earnings before interest and tax of £0.5 million. As at 1 March 2014, the pubs had a book value of £4.4 million.