MI Developments Sells Property to the Stronach Group

MI Developments Inc. (MIDannounced 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. 

on July 11, 2011