The innovative contract, which will initially focus on the redevelopment of key sites across the City, is worth at least £100 million over the first eight years and potentially up to £800 million over 20 years.
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Councillor Paul Watson, Leader of Sunderland City Council said: "The chance to take part in an ambitious, long-term initiative attracted bids from a number of leading UK companies.
"We were delighted at the high standard of the shortlisted bids and it was a difficult task to choose the preferred bidder, but the commitment, track record and approach of our chosen partner gave it the winning edge.
"This decision marks an important milestone in the joint venture agreement, which will breathe new life into under-used publicly owned land in prime sites for development.
"The programme will invigorate key areas of the City and offer new opportunities for employment, housing, shopping and leisure."
(CD/MH)
