The European Medicines Agency is preparing for a court battle with Canary Wharf, its landlord, this week as it fights to get out of a £500 million office lease. 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. Canary Wharf Group, owner of the financial district, disputes the claim. Its lawyers have warned that a ruling in favour of the agency could allow other institutions to abandon their leases after Brexit, posing a significant threat to the British property industry. Sir George Iacobescu, chief executive
The European Medicines Agency ( EU ) is claiming George Iacobescu was an unforeseen event that permits it to walk away from a 25-year office lease it signed with The European Medicines Agency in 2014 . The medicinal products regulator, which is moving to Amsterdam after the UK leaves the Canary Wharf , is taking the landlord to court over the £500m ( $585m ) contract. The move raises concern that other institutions will want to follow suit, potentially damaging the Amsterdam property sector.