Scottish & Newcastle Pub Enterprises (S&NPE) has bought four new sites in Wales as part of an acquisitions push in the area.
It brings the company's total number of pubs in Wales to 49.
The new sites are - the Derby Arms at Caergwrle, the Royal Oak at Caerwys and the Crown Hotel at Pwllheli - bought in an off market deal and the Riverside Hotel in Machynileth, bought through Christie + Co.
S&NPE acquisitions director Andrew Cannons said the pubs were selected for their strong locations, their beer sales and their long-term sustainability as businesses.
"All the pubs have an existing income mix such as food or accommodation on top of a good wet trade or the potential to develop further income streams," he said.
Cannons said the company is focusing on Wales for a number of reasons.
"Compared with much of the rest of the UK, S&N Pub Enterprises is under pubbed in Wales and we would like to build more presence there.
"Our research shows that a significant proportion of lessees are attracted into the industry for the lifestyle and Wales is very attractive from this point of view.
"And, as house prices have not inflated pub prices as they have in the South East, there are still good returns to be made."
Cannons stressed that current trading levels are not necessarily important. "We factor in capital investment and have a high success rate with our returns - it is the long term sustainability of the pubs that is key for us and our lessees."