MI Developments Inc. Announces Appointment of Tom Heslip as CEO

    




 AURORA, ON, Dec. 1, 2011 /CNW/ - MI Developments Inc. ("MID")   announced today the appointment of Tom Heslip as Chief Executive  Officer and as a Director. Mr. Heslip replaces Bill Lenehan, who had  served as MID's Interim CEO and as a Director. 

 Mr. Heslip has had a 29-year career covering commercial property  development, investment, management and operations in Canada, the  United States, Asia and Europe. He is currently with GWL Realty  Advisors in Toronto and prior to that served as President and CEO of  Realex Properties Corporation until Realex's sale to Dundee Real Estate  Investment Trust in February 2011.  He has previously held senior  management positions with Fortress Canada, Goldman Sachs, CIBC  Development Corp. and Cadillac Fairview Limited. The Board of Directors  of MID looks forward to Mr. Heslip's leadership as MID proceeds to  execute the strategic plan announced on October 25, 2011. 

 The Board of Directors also wishes to recognize and thank Bill Lenehan  for his significant contribution to MID.  This includes structuring the  Plan of Arrangement which closed June 30, 2011 and eliminated MID's  dual class share structure, his work in recruiting a strong new senior  management team, and his leadership in the development of MID's  strategic plan.  Mr. Lenehan will be working with Mr. Heslip to ensure  a smooth transition over the next few weeks and will thereafter  continue to be available to consult to MID over the next several  months. 

 Mr. Lenehan noted, "With the strategic plan in place, I am satisfied my  work as Interim CEO is complete, and I am pleased that the Board of  Directors has selected Tom, a seasoned real estate executive with a  strong track record, to build on the foundation we have created." 

 About MID 

 MID is a Canadian-based real estate company engaged primarily in the  acquisition, development, construction, leasing, management and  ownership of a predominantly industrial rental portfolio of properties  in North America and Europe leased primarily to operating subsidiaries  of Magna. 

  



MI Developments Inc.


CONTACT:  G. Wesley VoorheisDirector and Chairman(416) 947-1400 


    

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