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Medicines agency goes to court in attempt to save £500m on lease

The European Medicines Agency is set to face its landlord in court this week, as it tries to break the lease for its offices in Canary Wharf.

The drug regulator, which must relocate to Amsterdam by March 2019 because of Brexit, is locked into a 25-year contract for its headquarters in the first ten floors of a 24-floor, 50,000-square-metre building in the financial district.

The lease with Canary Wharf Group, which commenced on 1 July 2014 and runs until 2039, does not include a tenant break clause, meaning that there is no inbuilt mechanism for the agency to negotiate an early exit.

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