Many of us in the real estate market have been waiting to feel the first effects of Brexit. With a buoyant property market and lots of foreign investment, we have been somewhat removed from it… until now. Canary Wharf’s recent application to the High Court for a declaration that Brexit will not frustrate the European Medicines Agency’s (EMA’s) underlease of 25–30 Churchill Place, is the first significant property-related Brexit case.
If the court finds in the EMA’s favour, it could have huge implications for the real estate sector and the economy as a whole.
Doctrine of frustration
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