Morgan Sindall, Willmott Dixon and Bouygues have all been lined up to work with Cornerstone, the development firm set up by ex-Partnership for Schools boss, Tim Byles.
Mr Byles said the firm, which will seek to utilise unused public buildings for schools and health practices, will deliver £1 billion of investment over the next three years.
The trio of companies will not have exclusive access to future projects, but it is thought that their investments in Mr Byles’ mutual will put them first in the queue for jobs.
The firm, which Mr Byles said was already working with 20 public authorities, will convert surplus public assets into municipal buildings. Profits will be split between investors and the third sector.
Mr Byles said: “This is a completely new way of working. I believe we need to ask fundamental questions about our public services. Instead of fixing the use of a building, we need to make our public assets flexible.
“We need to be open-minded about places which could be used for schooling, for example.”