Punch Taverns has announced that it has disposed of six freehold properties within central London in a deal worth £21.1m, the proceeds of which will be used by the company to reduce debts.

The sites, which include The Red Lion on Parliament Square – a pub popular with Members of Parliament – and The Scarsdale in Kensington, have been acquired by Fuller, Smith and Turner. Four other properties – The Queen's Head on Brook Green, The Hereford in South Kensington, Ye Olde Mitre in Hatton Garden and The Swan on Bayswater Road – will also change hands as part of the deal, which is expected to be concluded on 6 April.

Michael Turner, Fuller's chair, said: "These are exceptional quality assets that fit well into our existing portfolio and we will move sympathetically to fold each pub's unique character and heritage into Fuller's." Giles Thorley, chief executive of Punch Taverns, added: "This transaction is in line with our stated strategy of increasing free cash flow and reducing the overall level of our debt, while also seeking to maintain investment in our high-quality estate."