Potential MID involvement with proposed Magna facilities in Russia

    AURORA, ON, June 24 /CNW/ - MI Developments Inc. (MID) (TSX: MIM.A,
MIM.B; NYSE:   MIM) today announced that it is in discussions with Magna
International Inc. (Magna) about MID playing a role in developing and building
three proposed Magna facilities in Russia. Two of the planned projects are in
the St. Petersburg area and the third is located in Kaluga approximately two
hours south of Moscow. These significant projects would be Magna's first
greenfield plants in Russia, with potential for expansion as Magna's business
in Russia grows. MID's Austrian-based development and construction personnel
have been consulting for Magna on these projects. The specific role that MID
would play with respect to these projects, if any, has yet to be determined,
but may include financing Magna's acquisition, development and construction of
the facilities, with MID potentially acquiring the facilities in a
sale-leaseback transaction with Magna at a later date.

    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 subsidiaries in North America and Europe. MID also
acquires land that it intends to develop for mixed-use and residential
projects. MID holds a majority equity interest in Magna Entertainment Corp.
(MEC), an owner and operator of horse racetracks, and a supplier, via
simulcasting, of live horseracing content to the inter-track, off-track and
account wagering markets. MEC has filed a voluntary petition for
reorganization under Chapter 11 of the U.S. Bankruptcy Code.

    Forward-Looking Statements

    This press release contains "forward-looking statements" within the
meaning of applicable securities legislation. Forward-looking statements may
include, among others, statements relating to whether MID plays a role with
the Magna Russian facilities. 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 or results and will not necessarily be accurate
indications of whether or the times at or by which such future events or
results 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, 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 that are set forth in the "Risk Factors" section
in MID's Annual Information Form for 2008, 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, 2008, 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.

For further information:

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

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