STORRS, Conn. (AP) — The University of Connecticut Board of Trustees has approved the sale of the school's former West Hartford branch campus to a global financial technology company for $5.2 million.

Members voted unanimously Friday in favor of the transaction. The sale and purchase agreement is expected to be signed next week and UConn plans to transfer ownership of the 58-acre parcel to Seven Stars Cloud Group Inc. in early fall. The company, led by Chinese entrepreneur Bruno Wu, plans to use the site for its new headquarters.

The $238 million project is expected to create 330 jobs over five years. The proposed development still needs local approvals.

UConn stopped using the property as an academic campus last year after operations were moved to downtown Hartford. The university says it no longer needs the land or buildings.