MI Developments Inc. (MID) specializes in constructing build-to-suit properties that meet our clients' specific requirements. We also retrofit, customize and lease existing properties. Our mission in every aspect of our business is to be a responsive and reliable partner and create value for our clients by helping them carefully manage their investment in our real estate.
Over the past 10 years, MID's income-producing property portfolio has grown from 75 properties totaling 12.4 million square feet of leaseable area to 105 properties totaling 27.3 million square feet of leaseable area. Our portfolio now has a net book value of approximately $1.2 billion and consists of heavy industrial manufacturing facilities, light industrial properties, corporate offices, product development and engineering centres and test facilities in nine countries.
We also provide consulting and advisory services for real estate projects around the globe and are exploring opportunities in emerging markets. To meet our clients' needs, we have established an international network of quality professionals, including planners, architects, suppliers and trades, all of whom deliver a standard of excellence under the MID banner.
Our properties are leased primarily to members of the Magna International Inc. group of companies and we built a substantial number of the plants that we now lease to Magna. Through this experience, we gained a reputation for meeting demanding timelines and budgets and consistently achieving an extremely high standard of quality construction. Once the construction phase is complete, we remain a responsive partner and ensure that our tenants' ongoing requirements are met, including renovations and expansions of varying sizes.
We are actively working to diversify our portfolio and expand our horizons into new markets, new industries and with new tenants. Over the last two years, we have added a series of new tenants to our portfolio and we look forward to working with new partners as we pursue our long-term strategy of indentifying new and exciting real estate opportunities.
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