MI Developments receives Toronto Stock Exchange approval for normal course issuer bid



    AURORA, ON, Oct. 2 /CNW/ - MI Developments Inc. ("MID") (TSX: MIM.A,
MIM.B; NYSE:   MIM) today announced that the Toronto Stock Exchange ("TSX") has
accepted the notice filed by MID of its intention to make a normal course
issuer bid for its Class A Subordinate Voting Shares through the facilities of
the TSX and the New York Stock Exchange ("NYSE"). MID's current normal course
issuer bid program expires on October 3, 2007.
    Pursuant to the terms of the renewed normal course issuer bid, MID may,
during the 12-month period commencing October 8, 2007 and ending October 7,
2008, purchase for cancellation up to a total of 2,531,354 Class A Subordinate
Voting Shares, being 10% of the public float (as such term is defined by the
TSX) of the Class A Subordinate Voting Shares. The price that MID will pay for
shares purchased pursuant to the bid will be the market price at the time of
acquisition.
    MID believes that its shares have traded in a price range which may not
fully reflect the underlying value of such shares. As a result, depending upon
future price movements and other factors, MID believes that its Class A
Subordinate Voting Shares may from time to time represent an attractive
investment for MID.
    As at October 1, 2007, there were 47,335,664 Class A Subordinate Voting
Shares outstanding, with a public float (as such term is defined by the TSX)
of 25,313,544 Class A Subordinate Voting Shares. During the past 12 months,
MID purchased an aggregate of 747,500 Class A Subordinate Voting Shares at a
weighted-average price of Cdn$32.79 per share through the facilities of the
TSX and the NYSE.

    About MID

    MI Developments is a real estate operating company focusing primarily on
the ownership, leasing, management, acquisition and development of a
predominantly industrial rental portfolio for Magna International Inc. and its
subsidiaries in North America and Europe. The Company also holds a controlling
investment in Magna Entertainment Corp., North America's number one owner and
operator of horse racetracks, based on revenue, and among the world's leading
suppliers, via simulcasting, of live horse racing content to the growing
inter-track, off-track and account wagering markets.

    Forward-Looking Statements

    The contents of this press release may contain statements that, to the
extent they are not recitations of historical fact, constitute
"forward-looking statements" within the meaning of applicable securities
legislation, including the United States Securities Act of 1933 and the United
States Securities Exchange Act of 1934. Forward-looking statements may
include, among others, statements regarding the Company's proposed
reorganization or its other 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 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 the
Company'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 2006, 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, 2006. 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.





For further information:

For further information: about this press release, please contact
Richard Smith, MID's Executive Vice-President and Chief Financial Officer, at
(905) 726-7507

Organization Profile

MI DEVELOPMENTS INC.

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