Icelandair plans to sell three of its fleet of Boeing 757-200s to a U.S.-based aviation investment fund for conversion into freighters.

The Icelandic company said that final documentation for the sale was expected to be completed in the next few weeks. The net price of the three aircraft–two of which are 26 years old and one 20 years of age–was approximately $21 million, which the airline said was $2 to $3 million above book value.

The aircraft were sold to an Icelandic company acting on behalf of an unnamed Delaware-based aviation investment fund.

Icelandair added that the transaction was in accordance with its plan to gradually phase out the 757 from its fleet. Icelandair has one of the world’s largest remaining fleets of 757s; after the sale is completed, it will still have 17 in its inventory, together with four 767-300s. 

“The sale of the three Boeing 757 aircraft is a positive step for the company at this time when flight operations are at a minimum level,” Icelandair president and CEO Bogi Nils Bogason said. “Furthermore, this transaction shows that the 757 aircraft still has considerable value after long-lasting service for the company and continues to be operated for years to come. 

Bogason said because of the COVID-19 pandemic, the company has excess aircraft in storage despite the sale of the three aircraft. He added the aircraft will be ready to operate when travel restrictions are lifted and demand for air travel increases again.