The trust didn't exist when the sale process began, nevertheless, some among iwi believe the sale could have been delayed to give them the option of buying.
The council consulted four iwi in the district - Te Rūnanga o Tupoho, Ngā Rauru Kiitahi, Ngā Wairiki o Ngāti Apa and Te Rūnanga o Tamaupoko - in April 2016, before the forests were put on the market.
The council also informed Tupoho about the sale not long before it happened, trust project manager Tracey Waitokia said.
The trust was not in a position at that time to purchase or negotiate.
It has always been the focus of the iwi to try to get as much land as possible back into hapū or iwi ownership, Waitokia said.
"We have had discussions with them in regard to our stance, and we had also expressed our interest in the whenua [land], not the forest."
Under New Zealand law, land and trees could easily be separated in a sale agreement.
Despite missing out on the land, the trust was excited and encouraged Summit intended to hand over 148ha.
"We believe this is a great step towards acknowledging the iwi's manawhenua and we encourage these values," Waitokia said.