The deal also includes a number of contracts and strategic frameworks from Shepherd Construction.
Wates said the deal is a step towards its plans to double turnover to £2bn.
In addition, 1,200 new staff will join the company.
Andrew Davies, Chief Executive of Wates, said: "Today's acquisition marks another step towards Wates becoming the UK's leader in the construction and property services sector, now boasting a distinct and outstanding engineering capability, offsite manufacturing proficiency and technical expertise in specialised construction projects.
-- Advertisement --
"Our investment is expected to deliver an additional circa £300 million in turnover in the first year of trading, projecting us further towards our £2bn target and making great strides in the fulfilment of our long-term growth strategy.
"We are now preparing to welcome more than 1,200 new colleagues to the business and our immediate priority is to ensure the engagement and alignment of our people, whilst remaining focussed on maintaining our reputation for excellent customer service."
Talks on a possible takeover had been ongoing since last December.
(LM/MH)
