A 1508ha farm in south Otago and the 300ha grazing property Caroline Terrace near Westport were now on the market after Ngai Tahu decided it did not want to buy them.
Landcorp spokesman Phil McKenzie said consultation over the remaining seven farms was continuing with Ngai Tahu on the four South Island properties and the Office of Treaty Settlements on three in the North Island.
The decision to sell the nine properties was made because the farms did not suit the company’s long-term plans.
Landcorp chief executive Steve Carden said the state-owned enterprise was focused on the performance of its core business and its balance sheet, both of which were under pressure after a couple of tough years.
For the first half of this financial year it posted an $8.9 million net operating loss, a figure it warned would widen to as much as $12m in the second half.
Revenue was 5% down, driven by a 22% decline in milk returns.
But Carden said the sales were not a reaction to any financial stress, evident by the fact it regularly sold and bought farms.
Landcorp had 140 farms and in September said it was selling nine sheep, beef, deer and dairy support properties covering 14,000ha.
Two of those farms were in Southland, one in Otago, three on the West Coast and one each in Wairarapa, Manawatu and central North Island.
