The European Medicines Agency (EMA) is claiming Brexit was an unforeseen event that permits it to walk away from a 25-year office lease it signed with Canary Wharf in 2014. In its latest annual report, the EMA said there were “significant uncertainties” about Brexit, and warned of potential risks for patients who rely on EU medicines or medical devices. The medicines regulator, which is being moved to Amsterdam after Brexit, argues that because Britain’s decision to leave the European Union was an unforeseen event, it should be able to exit the 25-year agreement it signed with Canary Wharf Group for ten floors of office space starting in 2014. The move raises concern that other institutions will want to follow suit, potentially damaging the UK property sector.
The European Medicines Agency (EMA) is claiming Brexit was an unforeseen event that permits it to walk away from a 25-year office lease it signed with Canary Wharf in 2014. In its latest annual report, the EMA said there were “significant uncertainties” about Brexit, and warned of potential risks for patients who rely on EU medicines or medical devices. The move raises concern that other institutions will want to follow suit, potentially damaging the UK property sector.