Canary Wharf has made a recent application to the High Court for a ruling that Brexit will not frustrate a lease of 30 Churchill Place granted to the European Medicines Agency. The EMA will relocate to Amsterdam when the UK leaves the EU rendering its London offices surplus to requirements. If Brexit frustrates the lease, the EMA will have no further liability for the rent or other tenant obligations.
If the lease is held to be frustrated, this may have implications for a range of leases and other contracts. This Briefing examines the doctrine of frustration, its application to leases and the likelihood of the EMA’s lease being held to be frustrated by Brexit.
Brexit Essentials: Born of Frustration