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The Foreign Investment Review Board (FIRB) announced yesterday that it has reversed its decision to reduce normal monetary thresholds in relation to material variations and renewals of leases of existing non-sensitive leasehold interests in developed commercial land.
The changes take effect from today (4 September 2020) and mean that FIRB approval will no longer be required for renewals or material variations of leases where the tenant held a substantially similar interest under the relevant lease prior to 10:30pm on 29 March 2020, unless:
FIRB approval will continue to be required for:
FIRB has released a number of transitional arrangements for those who are affected by the changes, including foreign persons who have previously submitted an application for FIRB approval that is still being processed. Fee refunds are available.
Click here to access the guidance note.
For further information / assistance regarding next steps and the issues raised in this article, please contact the authors, Sallie Bowtell – Partner, Sarah Harkin, – Associate, or your usual contact at Moray & Agnew.