Potential MID involvement with proposed Magna facilities in Russia

AURORA, ON, June 24 /PRNewswire-FirstCall/ - 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.

SOURCE MI Developments Inc.

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