The High Court has ruled that Brexit is not a valid ground for Canary Wharf tenant, The European Medicines Agency, to prove termination of its lease as a result of frustration.
The tenant had argued that Britain’s impending departure from the EU was an unforseen event which made it impossible to fulfull the tenant’s lease obligations.
Perhaps unsuprisingly (given the panic which might otherwise have ensued) the court disagreed with this analysis and dismissed the claim. This will, hopefully, prevent a sudden deluge of similar claims but no doubt this point will be tested many more times over the coming months.
The European Medicines Agency has lost a high court battle to cancel its £500m long-term office lease in London to move to Amsterdam because of Brexit.