Webber's Really Useful Group (RUG) will retain the Theatre Royal Drury Lane, where a revival of Oliver! is playing through January, and the London Palladium, where the composer's new production of The Wizard of Oz will bow next spring.
The company will also maintain a 50% interest in the Adelphi, currently home to Love Never Dies, Lloyd Webber's sequel to The Phantom of the Opera.
RUG previously sold its four West End playhouses - the Lyric, Garrick, Apollo and Duchess - to Nimax Theatres in 2005.
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