Advanced Micro Devices (AMD) has unveiled plans to sell and lease back its campus in Austin, Texas, in an effort to raise cash.

AMD expects its campus to be sold for between $150 million and $200 million, company spokesman Drew Prairie told Reuters on Tuesday.

"There are favorable economic conditions in the part of Austin where the campus is located," Prairie said. "Contingent on finding an investor who wants to do a multiyear lease-back, it's a good opportunity for us to unlock the value of the real estate to fund operations."

The chipmaker's move to sell its campus comes as the company is trying to diverstify its business and move beyond the PC market, which is slowing due to increasing consumer interest is mobile devices and tablets and the economic conditions in China and worldwide.

AMD has been laying off engineers while looking for new markets for its chips as it faces depleting cash reserves.

AMD has also hired JPMorgan Chase & Co to explore its options, although an outright sale of the company is not the main option, according to sources.