The contractor will build a new skills centre for Lambeth College at the college's site in Vauxhall.
The development will include a construction skills academy, a four-star training hotel and 176 apartments.
The academy will be operated by both the college and Carillion.
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Around 600 jobs will be created during the project's construction phase.
Carillion chief executive Richard Howson said: "This is a very exciting development which will provide state-of-the-art training facilities which will prepare thousands of young people for exciting careers.
"We are pleased to be able to extend our apprenticeship programme to work with Lambeth College. Our apprenticeships not only equip people with valuable skills but enables them to work on construction projects, such as our work at Battersea Power Station and Kings Cross, during their training."
Work is due to begin in 2016 and be completed by 2018.
(LM/JP)
