The deal involves the sale of six current sites and five sites in planning totalling 515 plots to Galliford Try's house building arm Linden Homes.
The agreement follows a review by the Shepherd Group board on its operating businesses.
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The group's chairman, David Williams, said: "This was not an easy decision for the Group Board, particularly given the recent strong performance of Shepherd Homes, but this transaction represents an exciting opportunity for both the business and its employees for the long-term.
"Galliford Try, through Linden Homes, is exceptionally well placed to build on Shepherd Homes’ considerable progress and achievements.
"Growth and continuing success in the homes market demands ongoing large-scale capital investment which it was felt would be better achieved with a Group which has significant scale in the housing sector as well as a desire to grow its presence in the North."
(LM)
