The one is a 335-hectare operating dairy farm. The other is 77 hectares next door which it plans to add to the operation so it can be expanded to 400 milking cows.
The purchase received New Zealand government approval this week.
It will put the Canadian civil servants at odds with Canada’s dairy farmers because the two countries clash over supply management.
The Canadian Public Sector Pension Investment Board manages pension investments for the Public Service, Canadian Armed Forces, RCMP and Reserve Force.
Last month the Ontario Teachers’ Pension Plan Board bought an avocado farm in Australia for more than $177 million Cdn.