MI DEVELOPMENTS SELLS PROPERTY TO THE STRONACH GROUP
July 11 2011 - 8:17PM
PR Newswire (Canada)
AURORA, ON, July 11, 2011 /CNW/ -- AURORA, ON, July 11, 2011 /CNW/
- MI Developments Inc. ("MID") (TSX: MIM) (NYSE: MIM) announced
today that it has sold its head office property at 455 Magna Drive,
Aurora, Ontario and approximately five (5) acres of adjacent land
to a subsidiary of The Stronach Group for CDN$12.7 million.
Prior to the June 30, 2011 effective date, MID had leased the
office/industrial building of approximately 122,516 square feet to
Bionx International Corporation and Magna E-Car Systems Canada for
annualized aggregate rental income of CAD$0.51 million. MID has
agreed to rent, on a short term basis, approximately 10,600 square
feet of office space at 455 Magna Drive from The Stronach Group.
MID has commenced a search for a new corporate office within the
greater Toronto area. About MID MID is a real estate operating
company engaged primarily in the acquisition, development,
construction, leasing, management and ownership of a predominantly
industrial rental portfolio leased primarily to Magna International
Inc. and its automotive operating units in North America and
Europe. Copies of financial data and other publicly filed documents
are available through the internet on Canadian Securities
Administrators' System for Electronic Document Analysis and
Retrieval (SEDAR) which can be accessed at www.sedar.com and on the
United States Securities and Exchange Commission's Electronic Data
Gathering, Analysis and Retrieval System (EDGAR) which can be
accessed at www.sec.gov. Forward Looking Statements This press
release contains statements that, to the extent they are not
recitations of historical fact, constitute "forward-looking
statements" within the meaning of applicable securities
legislation. Forward-looking statements include statements
regarding MID's future plans, goals, strategies, intentions,
beliefs, estimates, costs, objectives, economic performance or
expectations, or the assumptions underlying any of the foregoing.
Words such as "may", "would", "could", "will", "likely", "expect",
"anticipate", "believe", "intend", "plan", "forecast", "project",
"estimate" and similar expressions are used to identify forward
looking statements. Forward-looking statements should not be read
as guarantees of future events, performance or results and will not
necessarily be accurate indications of whether or the times at or
by which such future performance will be achieved. Undue reliance
should not be placed on such statements. Forward-looking statements
are based on information available at the time and/or management's
good faith assumptions and analyses made in light of our perception
of historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate
in the circumstances, and are subject to known and unknown risks,
uncertainties and other unpredictable factors, many of which are
beyond MID's control, that could cause actual events or results to
differ materially from such forward-looking statements. Important
factors that could cause such differences include, but are not
limited to, the risks set forth in the "Risk Factors" section in
MID's Annual Information Form for 2010, filed on SEDAR at
www.sedar.com and attached as Exhibit 1 to MID's Annual Report on
Form 40-F for the year ended December 31, 2010, each of which
investors are strongly advised to review. The "Risk Factors"
section also contains information about the material factors or
assumptions underlying such forward-looking statements.
Forward-looking statements speak only as of the date the statements
were made and unless otherwise required by applicable securities
laws, MID expressly disclaims any intention and undertakes no
obligation to update or revise any forward-looking statements
contained in this press release to reflect subsequent information,
events or circumstances or otherwise. To view this news release in
HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/July2011/11/c4755.html p
about MID, please visit a
href="http://www.midevelopments.com"www.midevelopments.com/a or
call 905-713-6322. /p
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