The first contract to come out of the new joint venture deal will be a £45m design and build contract for the Curve library and community building.

Other developments will include a new build secondary school and a new build leisure centre with an ice rink, which will be brought forward under the Heart of Slough regeneration plan.

Morgan Sindall’s investment arm beat a bid from a Skanska-led consortium to sign the deal to provide project funding and investment expertise to Slough Borough Council  through the new local asset backed vehicle joint venture over a period of 15 years.

Morgan Sindall’s affordable housing arm Lovell will also be used for building works by the LABV.

The first tranche of residential developments by Lovell Partnerships will provide 525 new homes across five sites with a gross development value of £105m.

Paul Smith, Morgan Sindall Group chief executive, said: “We have a strong track record working in partnership with local authorities to deliver large-scale, complex regeneration schemes.”

Councillor James Swindlehurst, Deputy Leader and Commissioner for Neighbourhoods & Renewal said: “This vital regeneration partnership will breathe new life into Slough and surrounding areas, providing an important boost to jobs and local businesses.

“This LABV approach provides flexibility, ensuring the Council and MSIL can respond to the community’s changing needs over time to deliver a quality, sustainable development.”