The consortium which includes John Laing, Commonwealth Bank of Australia and Interserve, is responsible for the design, build, finance and operation of the hospital.
Partners Laing O'Rourke are in charge of construction, and Interserve FM is responsible for the £75m contract to provide Hard FM services for concession period.
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Pembury Hospital will have 512 beds, with the first new facilities proposed to open in early 2011 and the project due for completion by autumn 2012.
Construction will continue in two phases, with the main hospital buildings reaching completion before existing accommodation at the top of the site is cleared.
Greg Clark, MP for Tunbridge Wells, said: "This is a momentous day for everyone in Tunbridge Wells and West Kent.
"The whole community has campaigned for so long for the new Pembury Hospital to be built and after years of frustration and setback, we now have the final go-ahead with building work starting this month."
(CD/JM)
