Phase one of the project will see the construction of 927 family homes and flats to rent across Manchester and Liverpool.
The initiative was put together by residential and urban regeneration experts Sigma and has received equity from Gatehouse Bank.
Shepherd Direct will handle tenant selection through its own estate agency chain and lettings firm.
Rob Clifford (pictured), group commercial director of Shepherd Direct Group, said: “This is a particularly exciting announcement for our group and is the culmination of many months of hard work by our PRS managing director, Paul Staley, and his team.
“We have worked very closely with the team at Sigma in order to get to this stage and there will clearly be many benefits particularly for our hundreds of new tenants who will have the benefit of this fantastic new build product. As our Century 21 UK and Direct Lettings businesses are delivering the project exclusively this provides a great boost to our franchisees and also our central teams in Nottingham.
“This truly is a landmark moment for this project and Shepherd Direct will be playing a full part in bringing it to fruition.”
