The 50-year concession contract involves the design, build and maintenance of student accommodation for the University of Edinburgh.
The project will provide accommodation for 1,160 postgraduate students, as well as an outreach centre that will become the focal point for the university's community-based teaching activities and continuous professional development courses.
Energy for the facilities will be provided by the university's combined heat and power energy centre.
Balfour Beatty will invest 100% of the required equity in the project, which is expected to reach financial close in spring 2013.
Chief executive Ian Tyler said: "We are delighted to have been selected as preferred bidder for this long-term contract in the student accommodation sector, which is a key area of focus for us. We have worked with the University of Edinburgh on numerous projects over the past 18 years and look forward to supporting them in realising their long-term aspirations to enhance the postgraduate student experience."
Balfour Beatty’s portfolio of student accommodation design and build contracts across the UK already amounted to more than £120m.
University of Edinburgh director of corporate services Nigel Paul added: “This is an important project for the university and we are pleased to have reached this key milestone in delivering our plans for the Holyrood campus. Balfour Beatty's involvement can help us create additional opportunities and enhance the experience and engagement of our growing number of postgraduate students by providing a good mix of state-of-the-art accommodation types with excellent support and social spaces.”