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Magna announces agreement for purchase of Santa Anita race track

16 November 1998

Magna announces agreement for purchase of Santa Anita race track

    AURORA, ON, Nov. 14 /CNW-PRN/ - Magna International Inc. (TSE: MG.A,
MG.B; ME: MG.A; NYSE: MGA) today announced that MI Developments, its real
estate group, has entered into a definitive agreement for the purchase of the
Santa Anita Race Track and related horse racing operations and approximately
305 acres of related real estate for U.S. $126 million. Magna recently
established MI Developments as a separate group which is now operating its
real estate and other non-automotive assets as a profit centre on a world-wide
basis. Magna management and its Board of Directors continue to examine how and
when MI Developments would become a separately traded public company.
    The Santa Anita Race Track is considered to be one of the premier
racetracks in North America. The adjoining undeveloped real estate provides
potential opportunities for commercial or other types of development. The
completion of the transaction is subject to the satisfaction of certain
conditions and regulatory and other approvals. Closing is anticipated by late
December 1998.
    Magna, one of the most diversified automotive suppliers in the world,
designs, develops and manufactures automotive systems, assemblies and
components, and engineers and assembles complete vehicles, primarily for sale
to original equipment manufacturers of cars and light trucks in North America,
Europe, Mexico, and South America. Magna's products include: exterior
decorative systems; interior products including complete seats, instrument and
door panel systems and sound insulation; stamped and welded metal parts and
assemblies; sunroofs; electro-mechanical devices and assemblies; a variety of
plastic parts, including body panels and fascias through Decoma International
Inc.; various engine, powertrain and fueling and cooling components through
Tesma International Inc.; and a variety of drivetrain components and complete
vehicle engineering and assembly through the Steyr-Daimler-Puch Group.
    Magna has over 49,000 employees in 155 manufacturing operations and 30
product development and engineering centres in 16 countries.

    SOURCE  Magna International Inc.