The six South Island and three North Island farms cover more than 14,000ha and are all sheep, beef, deer or dairy support employing about 25 staff.
In recent years the Government has been concerned at its level of debt.
In the year to June 30, 2015, debt was $210.7 million, up from $172.4m a year earlier but improved on the $228.4m in 2012-13.
This prompted State-Owned Enterprises Minister Todd McClay to last year suggest Landcorp sell land to reduce debt, which it had done in 2013-14 when it sold two North Island farms.
Last year’s annual result realised a $4.9m operating profit on revenue of $224.3m. A year earlier it reported a $30m operating profit off revenue of $247m.
The half-year report to December 31 delivered more bad news with an operating loss of $8.9m compared to a $10m profit for the corresponding period a year earlier.
Revenue fell from $115.1m to $108.8m with Landcorp saying the loss was primarily on the back of a 22% decline in milk revenue.
It now plans to sell two farms in Southland – Mt Hamilton (4769ha), and Jericho (1353ha) – and Copper Road in Otago, a 1508ha property near Waipori, inland from Dunedin.
Three West Coast farms were also to be sold – Raft Creek (482ha), Burkes Creek (1091ha) and the 1448ha Mawheraiti property, part of Cape Foulwind.
The North Island farms to be sold are Waiteti, a 911ha central North Island property, Rangedale (1576ha) in north Wairarapa and Tangimoana (1032ha) in Manawatu.
Since deciding in May to sell the farms, Landcorp has been seeking valuations and talking to Ngai Tahu and the Office of Treaty Settlements (OTS).
Ngai Tahu will have one month to consider if they have an interest in buying the South Island farms and OTS three months to consider buying the three North Island properties.
