Shepherd Neame has announced that it is to acquire 13 freehold pubs from Punch Taverns for £14.86m.

The properties are all based in the south east of England, and comprise three managed houses and 10 leased pubs. The deal brings Shepherd Neame's portfolio to 378 pubs.

Jonathan Neame, chief executive, said: "This is an excellent opportunity to acquire a package of high quality individual pubs within our core trading area. The acquisition is in line with our strategy and will further improve the quality of our pub estate."

The purchase will be financed by a new five-year loan of £15m arranged by The Royal Bank of Scotland and the Lloyds Banking Group, while the company's existing £10m revolving credit facility has been extended from 2012 to 2014.

The acquisition is expected to generate more than £1.9m of EBITDA in the first financial year.