Beleaguered support services group Jarvis has agreed to sell four PFI schemes worth £176.5m to French company Vinci.
Jarvis has agreed terms on school schemes in Norfolk, Cork, Bangor and Manchester.
The firm was forced to off-load the projects before reaching financial close after coming under pressure from local authorities.
In a statement to the stock exchange on Wednesday, Jarvis said it expected to retain a facilities management role in the schemes.
A spokesperson said: “This is an effective way of helping our clients to move their projects forward. They want assurance.”
Norfolk council had given Jarvis a deadline of today to provide it with “a reasonable level of certainty” that the company could find a contractor to carry out the £63.8m renovation of 37 schools after local firm RG Carter pulled out.
Vinci is also set to take over construction of the planned £55m Cork School of Music in Ireland, which included a 25-year maintenance contract.
Jarvis had been selected preferred bidder to build two schools in Bangor, Northern Ireland, in a contract worth £29m.
Manchester council had appointed Jarvis to design and rebuild Wright Robinson Sports College in Gorton and Haverley Hey Primary School in Benchill. The scheme is worth £28.7m and included a 25-year management contract.
It is understood that Jarvis is in talks to sell off its facilities management business. There are thought to be four bidders, including Vinci.