The assets being acquired comprise six current sites and five sites in planning, totalling a landbank of 515 plots.
Shepherd has yet to issue a comment on its reasons for the disposal, nor has the purchase price been disclosed yet.
The news was disclosed by Galliford Try in a trading update. Executive chairman Greg Fitzgerald said: “Conditions in the housing market remain positive.”
He added: “We have been encouraged by trading through the year so far, with sales below the exceptionally strong corresponding period although significantly above the previous six months July to December 2014.”
In a trading update, Mr Fitzgerald said: "We are pleased to report all businesses - Linden Homes, Partnerships and Construction - continue to perform well with favourable market demand against a background of continuing challenges on the labour supply side in all sectors.
“The construction market is improving and our construction business is seeing growth in the order book, helped further by the benefits of acquiring Miller Construction. The improving market has enabled us to secure contracts with appropriate margins.”