Troubled pub landlord Punch Taverns has agreed to sell five pubs for £9.7m, it announced on Tuesday.Punch is selling the freehold outlets in central London to Manica Properties in a deal expected to complete on June 30th.It said it would use the net proceeds to reduce debt and reinvest in its remaining pubs.The group has tabled proposals to restructure £2.3bn of debt, but has hit resistance from some bondholders who have proposed an alternative scheme that could almost wipe out the stakes of existing shareholders.The shares rose 2.98% to 10.81p by 09:30.NR